Electrical upgrades gained 4 percentage points in 2022 after remaining stable at 24 percent for the previous two years. Nearly 3 in 10 homeowners upgraded plumbing in 2022, closely followed by electrical and home automation (29 percent, 28 percent and 25 percent, respectively). continues to increase, homeowners focus on home system improvements. Kitchens and primary bathrooms also command the highest median spend at $20,000 and $13,500, respectively.Īs the median home age in the U.S. Kitchen and bathroom remodels remain the top projects, and a larger share of homeowners upgraded these spaces in 2022 (28 percent and 25 percent, respectively) compared with 2021 (27 percent and 24 percent, respectively). Interior spaces are the most popular areas to renovate (72 percent), and homeowners tackle an average of nearly three interior projects at a time. Kitchens and Bathrooms Are the Main Attraction In fact, more than 9 in 10 renovating homeowners (91 percent) relied on professional help for their remodeling projects in 2022, up by 2 percentage points year over year (89 percent). Additions typically require professional guidance to meet local guidelines and permitting. The rooms most associated with additions include kitchens, bathrooms and living rooms. One in 10 homeowners undertook an addition as part of their remodeling project in 2022 (10 percent), compared with 8 percent each year from 2018 through 2021. “We’re also seeing an uptick in additions, with the vast majority of homeowners hiring professionals to achieve their goals.” “Faced with shortages of housing stock and high interest rates, we’re seeing homeowners update their current home to make the space more functional for the long term,” said Liza Hausman, Vice President of Industry Marketing at Houzz. Credit cards are also a common option for renovations (28 percent) however, the share of homeowners using them to fund projects fell by 10 percentage points year over year. For projects with a median spend of over $50,000, more than a quarter chose secured home loans (26 percent). While the majority of homeowners continued to rely on savings to fund home renovations (82 percent), financing projects with secured home loans became more prevalent (16 percent, compared with 14 percent in 2020). That said, many home remodeling and design professionals expect slowed growth in 2023, following strong years in 20, according to the 2023 Houzz U.S. Renovation activity continues into 2023, with more than half of homeowners planning projects this year (55 percent), at an anticipated median spend of $15,000 and $85,000 for higher-budget projects. The median spend* for home renovations in 2022 was $22,000, whereas the spend for higher-budget updates (with the top 10 percent of spend) reached $140,000 or more. Nearly three in five homeowners remodeled or decorated their homes in 2022 (58 percent and 57 percent, respectively) and nearly half made repairs (48 percent). Additionally, the share of homeowners undertaking renovations with a plan to sell their home soon has declined by half since 2018 (6 percent compared with 12 percent in 2018). More than three in five homeowners state that they plan to stay in their homes for 11 years or more following a 2022 renovation (61 percent). Houzz & Home Study of more than 46,000 U.S. Homeowners are renovating their homes for the long run, according to the 12th annual U.S.
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