Home Projects Popularity and Spending Continue Upward Trajectory
Spending on home renovations increased 20% in 2021, with 55% of homeowners reporting completing a home improvement project.
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Homeowners Report Spending More than $1,000 on Renovations Since March
Since the coronavirus pandemic overtook the nation in March, homeowners have upped their spending on renovations. On average, owners, spent $1,031 on renovations since March.
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Baby Boomers, Gen X Lead in Home Improvement Projects
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.
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Renovations Needed? Most Buyers Willing to Take on the Projects for a Deal
Millennials are the generation most likely to buy a home that is under budget and needs some love.
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2020 Kitchen Remodeling Trends
The most popular kitchen feature upgrade is countertops, followed by backsplash updates.
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Bathroom Renovations: What Homeowners Are Spending and Updating
Spending on master bathroom renovations rose $1,000 from 2017 to 2018, jumping from $7,000 to $8,000. Major master bathroom remodel median costs rose from $10,100 to $12,000, while minor remodels increased from $2,000 to $2,300 during that same time period.
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Indoor Home Improvement Projects: What Pays Off
The top three projects for best appeal to buyers and best value for resale were identical, according to Realtors®. The top project is a complete kitchen renovation, followed by a kitchen upgrade and then an HVAC replacement.
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More homeowners planning renovations this year
Nearly three quarters of homeowners plan to do home renovations within the next year, an increase of 26 percent from last year.
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Many homeowners not financially prepared for unexpected repairs
According to NerdWallet’s 2018 Pulse on Homeownership, nearly one-third of homeowners said they do not have funds for home repairs and improvements. Yet 44 percent of homeowners said they had an unexpected repair within 12 months of purchasing their home.
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Kitchen renovations: What are this year’s trends?
Countertops, appliances and cabinets are what homeowners are most likely to spend more on when renovating their kitchens.
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