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Home Projects Popularity and Spending Continue Upward Trajectory

by Leighton, Kelly on

More homeowners spent 2021 renovating, increasing both their spending and number of projects.

According to the Houzz & Home survey, 55% of homeowners reported renovating in 2021, an increase of 2% from 2020. Spending on home renovations increased 20% in 2021, reaching $18,000 for a median spend, with a planned median spend of $10,000. And it appears this trend will continue. Fifty-five percent of respondents reported that they plan to renovate in 2022, with a median budget of $15,000, a 50% year over year budget jump. New homeowners were spending more than their counterparts. New buyers, representing 10% of all renovators, spent a median of $30,000 on home projects. Short-term owners, representing 30% of all projects, spent a median of $19,000 and long-term owners, 60% of all renovators, spent a median of $15,000. About one-third (34%) reported being over budget, with 36% being on budget and 3% coming in under budget.

It took homeowners around nine months on projects from initial plan to the finish, with kitchens taking the longest to complete. Interior rooms (70%) were the most popular, followed by home systems (63%) and home exteriors (58%). The kitchen was the most popular interior room (28%), costing $15,000, up 25% year over year, followed by the guest bathroom at 26%, with spending increasing 38% to $4,400, followed by the main bathroom at 24%, with a 13% increase, reaching a median of $9,000.

For home systems, plumbing was the most popular project at 27%, with a median spend of $1,000, followed by electrical work at 24%, costing about $1,500, a 50% increase year over year and then 24% automation, costing $400. In exterior projects, roofing was the most common at 21%, with a median spend of $10,000, an increase of 11% year over year, followed by exterior paint at 20%, up $1,5000 and windows and skylights at 20%, costing $5,000, a 25% increase.

Eighty-nine percent of renovators hired a professional, a 2% year over year increase.

Topics

Renovations Home projects
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