Is Inflation Impacting Remodeling Projects?

With inflation continuing to impact the majority of consumers in the U.S., some homeowners are putting their remodeling plans on pause.

After the pandemic sent many homeowners to HGTV and Pinterest to DIY their own projects, there are new obstacles facing homeowners that may slow down current and future renovation plans. According to a recent Houzz survey, 11% of homeowners are putting off a home improvement project, with the majority (54%) citing inflation as the cause. Another 39% said they cannot afford a project now, while 28% said a lack of products and materials is stopping them and 23% have not found the right professional to tackle the project.

Despite these challenges, 23% of homeowners plan to work on renovation projects throughout 2023. Bathrooms (37%) and kitchens (33%) remain the most popular areas for a renovation. While some aspects of the projects may be DIY, 91% said they plan to hire at least one professional to assist with their projects, with a general contractor being the most in-demand. Electrical projects and plumbing projects are the most common support system updates at 49% and 48% respectively, while heating and security each represented 34% of projects.

There is also demand for outdoor renovations. Windows and/or skylights top the list in popularity at 43%, then exterior doors at 42% and exterior paint at 36%. Adding or updating exterior areas are also common, with porches or balconies being on the to-do list for 32% and decks for 31%.