Baby Boomers, Gen X Lead in Home Improvement Projects
Baby boomers and Generation X were the most likely generations to complete home renovation projects last year.
Fifty-four percent of homeowners overall reported completing renovations, with boomers and Generation X representing 85% of remodelers, according to the 2020 U.S. Houzz & Home study. Just 12% of millennials and 3% of seniors reported renovations. The median spending on renovations last year was $13,000, a decrease of $2,000 from 2018, but $5,000 more than homeowners said they had planned to spend on home projects.
What were homeowners renovating? Seventy percent reported redoing interior rooms, where kitchens and bathrooms continued their reign as the most popular places to remodel, but 10% of respondents reported adding or updating a home office, and this was pre-COVID-19.
Exterior projects were the next most popular, with 62% of renovating being done outdoors. Roofing, paint and windows were the most common projects done last year. Finally, 57% of people reported finishing system upgrades. Electrical and plumbing were the most common to be completed. Ninety percent of people searched online for home improvement project recommendations, most commonly bathtubs and laundry machines.
Wanting to do the project all along and wanting to customize a recently purchased home led the majority of owners to finally complete the projects last year. Most people reported they used cash from savings for their home renovations, especially the more expensive projects, including those that cost up to $50,000. Credit cards were the next most-used payments, but usually for less pricier projects, those costing between $1,000 and $5,000.
Before the pandemic, 51% of respondents said they plan to spend time and money renovating this year, while 47% want to decorate and 36% plan to complete repairs.