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The 2024 U.S. Houzz & Home Study reveals that home renovation spending has increased significantly, with the median amount spent on renovations rising from $15,000 in 2020 to $24,000 in 2023. This increase is attributed to rising product and labor costs, as well as a desire among homeowners to improve their living spaces and create personalized sanctuaries. Despite the higher budgets, renovation activity remains strong, with over half of homeowners (56%) undertaking renovation projects in 2023. Many homeowners are choosing to upgrade their current homes for the long term, rather than selling, particularly in the face of high mortgage rates.
The report highlights a shift towards homeowners planning to stay in their homes for longer post-renovation, with 62% planning to stay for at least 11 years compared to 61% in the previous year. Baby Boomers are leading the way in renovation activities, although Gen Xers have spent the most on renovation projects for the second year in a row, with a median spend of $25,000 compared to $24,000 for Baby Boomers.
The most popular renovation projects include kitchens, bathrooms, and living rooms. Kitchens are the most commonly renovated interior room, with homeowners incorporating universal design elements such as pull-out cabinets and rounded countertops to prepare their homes for aging in place. Bathrooms are also popular renovation locations, with additions like wheelchair accessible pathways and non-slip flooring being implemented. The living room is the third most popular renovation project, with homeowners spending an average of 8.1 months planning and 4.1 months on construction.
When it comes to home décor-related purchases, the most popular items among surveyed homeowners include rugs, pillows and throws, artwork, small furniture, large furniture, window treatments, storage/organization items, lamps, holiday décor, and mirrors. These purchases highlight a trend towards homeowners investing in their living spaces to create a more personalized and comfortable environment.
Overall, the 2024 U.S. Houzz & Home Study indicates a strong trend towards homeowners investing in home renovations, whether for long-term living or preparing to sell. The increase in renovation spending reflects a desire among homeowners to improve their living spaces and create personalized sanctuaries. With a focus on popular renovation projects like kitchens, bathrooms, and living rooms, as well as home décor-related purchases, homeowners are making significant investments in their homes to enhance their comfort and functionality.