Janet Cook
The 2024 Houzz & Home Study is the largest survey (over 32,000 homeowners) on recently done or planned home remodeling projects. Remodeling has surged in the last three years. Although there was a slight dip of homeowners doing projects in 2023 (56% of them, down from 58% in 2022), homeowners are spending more on their home remodeling projects. The top 90% spent an average of $150,000 (Gen Xers averaged $180,000), and the median spend was $25,000. Fifty percent of respondents said they will remodel in 2024. Here are some of the survey findings:
Multi-Room Remodels. Homeowners are consistently undertaking multiple remodeling projects simultaneously. On average, they renovate three interior rooms (kitchen, bathroom, living room) and two or more outdoor projects. Better lighting/more natural light is important for all of them.
Kitchens and Bathrooms Lead in Indoor Project Activity. Kitchen remodeling continues to lead as the most popular interior room renovation (29%), followed closely by guest bathrooms (27%), and primary bathroom (25%). Living room projects also are popular, with one in five homeowners (21%) renovating them. The median spend for kitchen jumped 20% from the prior year, averaging $24,000. Primary bath projects increased by 11%, with a median spend of $15,000.
Outdoor Projects Increased in Popularity. Outdoor project activity rose two percentage points in 2023 to 53%. The most common system update includes outdoor lighting (22%) and security (18%) as homeowners install cameras and sensors around their properties.
Hiring Professionals Remains Strong. Nine out of ten homeowners hire professionals. Among those hiring a construction professional, 72% hire a general contractor. The products most included (from a list of 27 items) are paint, light fixtures, faucets and showerheads, and non-carpet flooring.
Budgets Set, Yet Exceeded. Seventy-six percent of homeowners set a home remodeling budget prior to beginning work. While a third of homeowners stayed within their budget, nearly two in five exceeded their budget in 2023 (39%). The main reasons for going over budget included unforeseen costs for products and services, increased project complexity, and choosing more expensive products and materials.
The top reasons given as to why they recently did or will do a remodel are: 39% said had they had the time (most of their time was in the planning), 36% had the finances, 25% said because they just bought the home, 18% said it needed an update or repair, and 17% had a lifestyle change.
Happy Home Sweet Home Remodeling!
Janet Cook, Certified Health Coach and Aging in Place Specialist, President of Cook Remodeling (celebrating 45th years), invites you to check out their blog for inspiring photos and articles.