With the Senate's approval of a $1.9 trillion COVID relief package, around 90% of Americans can anticipate receiving a stimulus check of $1,400 per person later this month. According to a new survey, more than half of homeowners anticipate spending some of that money on roofing projects.
Modernize.com, a leader in the home improvement and home services industry, recently surveyed more than 1,200 homeowners about their plans for using their anticipated stimulus funds. Their findings concluded that:
- 37.7% say they will definitely use their check on a home project
- 19.4% expect to put part of their check to use on home improvement
- 42.9% do not anticipate using their stimulus check on home renovations
Approximately 1,270 homeowners exploring HVAC, solar power, windows, roofing, and exterior siding projects were asked whether or not they expect to put stimulus funds to use on their upcoming projects. The largest proportion of roofing and window researchers indicate that stimulus funds will go toward the cost of that work:
- 82.8% of those with roofing projects expect to use stimulus funds to help cover the cost
- 69.9% of window replacement jobs are likely to tap into their stimulus check
"Roof replacements are one of the most important projects homeowners undertake. Depending on the materials needed, costs can range between $3,200 and $12,500. Stimulus checks can help make the difference in enabling homeowners to complete critical work," said Gregg Hicks, vice president for Modernize. "Given the strong interest in roofing repair or replacement, Modernize's checklist for hiring a roofing contractor may help consumers feel confident about getting started."
Since nearly 60% of respondents may use some or all of their stimulus funds on home improvement, it's possible that information on home renovation financing options may be needed.
For the 2019 calendar year, Modernize helped more than 2 million homeowners across the United States search for the contractors they needed. This marked the first time Modernize had 2 million inquiries.