Whether you’re turning your guest room into an office or listening to every ordeal and ordeal of your mother – in – law’s kitchen renovation, these days it feels like everyone’s renovating. But according to statistics, it is checking out.
According to the recently released 2022 U.S. Houzz & Home survey on home improvement trends, home renovation activity and consumption are at the highest reported rates since 2018. Here is a look at the details behind the study, ranging from sky-high prices to change your home how everyone pays for it.
The Houzz survey had some interesting findings about the state of renovation, which increased in 2021. More than half of homeowners (55 percent) renovated last year, an increase from 53 percent in 2020 and 54 percent in both 2019 and 2018. But it is not just the amount of renovations that are going up, but the money that is being spent on them. Homeowners spent 20 percent more on renovations with an average spending in 2021 of $ 18,000. Compared to $ 15,000 the year before, that’s a pretty significant increase. Of course, when you think about how difficult it is to get the supplies and manpower needed to complete a renovation these days, this price increase becomes understandable, of course.
While 2021 was a booming year for renovation, 2022 stands to become even bigger. More than half of homeowners (55 percent) who participated in the survey said they plan to renovate by 2022. Also, nearly half (46 percent) said they plan to decorate. This turned out to be the first time since 2018 that homeowners’ planned spending has increased, with the median jumping from $ 10,000 for the past three years to $ 15,000. When you think of your bank account, a 50 percent jump is a pretty big jump.
In 2021, the kitchen remained the most popular interior space to be upgraded, but it also proved to be the most expensive. It saw a 25 percent increase in investment, jumping to $ 15,000 in 2021 from $ 12,000 in 2020. That increase was, of course, seen throughout the house, with dramatic increases in renovations of guest bathrooms, laundry rooms, living rooms and guest rooms. Another significant increase came in the amount people spent on security systems. Renovating homeowners spent 25 percent more on home security systems in 2021 than in 2020. The survey showed that outdoor security systems are now three times more popular than they were in 2015. They are also the second most frequently installed outdoor upgrade behind lighting.
An interesting transition is the way people pay for these renovations. After all, not everyone has the extra money to finance a kitchen renovation. So it is no wonder that the percentage of homeowners who rely on cash from savings to fund their renovation projects fell by 7 points in 2021 and dropped to 76 percent. For the 3 previous years, it remained strong at 83 percent. Credit cards came into play strongly this year, with the percentage of homeowners financing renovations with credit rising 6 points to 35 percent.
Houzz conducted their survey with 160 questions from 67,554 users between February 27 and March 27, 2022.