Over half of surveyed homeowners pursued a renovation project.
Whether they plan on selling soon or they’re just prepping for the long haul, home buyers are renovating their spaces at record levels. According to the 2024 U.S. Houzz & Home Study, the median amount spent on renovations increased from $15,000 in 2020 to $24,000 in 2023. And among the top 90th percentile, renovation spending increased from $85,000 in 2020 to $150,000 in 2023.
“Renovation spending has continued to increase in recent years, likely driven by rising product and labor costs, but also a desire among homeowners to improve their spaces and create personalized sanctuaries that are more comfortable or functional,” Marine Sargsyan, staff economist at Houzz, tells me.
“Despite larger budgets, we found that renovation activity is strong, with more than half of homeowners (56%) pursuing a project in 2023, she says.
Some homeowners are priming their houses to sell them – and realize that they should fix, rather than conceal problems before putting their homes on the market. However, faced with high mortgage rates, Sargsyan says many homeowners are opting to upgrade their current homes for the long haul. Another reason they may be staying put: the market may start to cool as potential buyers realize that they now need a six figure salary to comfortably afford a home.
“The share of renovating homeowners planning to stay in their homes for at least 11 years post-renovation inched up to 62% in 2023 - compared with 61% in 2022,” she notes. And the report reveals that Baby Boomers are taking the lead in renovation activities.
But while Baby Boomers might be out front in reno efforts, they were slightly edged out as it relates to spending. “Gen Xers spent the most on renovation projects for the second year in a row, with their median spend at $25,000, compared with Baby Boomers at $24,000,” Sargsyan explains.
The Three Most Popular Projects
Kitchens
Photo provided by Houzz, courtesy of Clearcut Construction, Inc (design and construction)
Kitchens continue to lead as the most commonly renovated interior room, with 29% of homeowners choosing to renovate this space. Kitchen renovations also had the longest reno timeline, with an average 9.6 months of planning, and 5.1 months of building.
“We’re seeing a growing trend toward universal design elements in kitchens and bathrooms, specifically, as homeowners ready their homes to age-in-place,” Sargsyan says. She points to pull-out cabinets and rounded countertops as some of the changes made by Baby Boomers. Overall, homeowners are also updating cabinets and refreshing appliances.
Bathrooms
Photo provided by Houzz, courtesy of Jubilee Interiors (designer)
Bathrooms are the location of the second most popular renovation projects. “Guest bathrooms are at 27% and primary bathrooms are at 25%,” Sargsyan says. On average, homeowners spend 7.8 months planning their primary bathroom projects, and 7.5 months planning guest and other bathrooms. Construction typically takes 3.9 months for primary bathroom projects and 3.6 months for guest and other bathrooms.
“Wheelchair accessible pathways, additional lighting, non-slip flooring, and grab bars are some of the renovation projects that Baby Boomers are taking on,” Sargysan explains. Overall, homeowners are updating cabinetry, countertops, and toilets.
Living Rooms
Photo provided by Houzz, courtesy of Megan Molten (interior designer)
The third most popular renovation project is in the living room (21%). This space also had the second longest planning and construction timeline (8.1 months and 4.1 months, respectively).
The 10 Most Popular Home Décor-Related Purchases
Among homeowners who made décor-related indoor purchases, these are examples of the most popular types of purchases:
Rugs
Block Party Rug
Almost half (48%) of homeowners purchased rugs. This Block Party Rug has overlapping blocks of muted and bold blues, creating a modern look. Made from stain-resistant recycled polyester, the rug also resists shedding. In addition to blue, it’s available in a grey and yellow color block as well.
Pillows and Throws
Luxe Leather Pillow Cover
Pillows and throws were also purchased by almost half of homeowners (48%). This Luxe Leather Pillow Cover Set has 100% top-grain leather on one side, and 100% linen fabric on the other side. The two 20” x 20” pillow covers also have a brass zipper closure. They’re available in two colors: cognac and brown. Note that the pillow inserts are not included.
Artwork
Lemons in Sunlight
The survey reveals that 42% of homeowners purchased artwork. The Lemons in Sunlight Canvas Print is just one of the various types of canvas art available in sizes ranging from 12” x 16” to 40” x 55.” In addition to canvas prints, the artwork also comes in posters and prints in such categories as music, maps and cities, sports, space, famous painters, and text.
Small Furniture
Dram Bar Cart
Also, popular on the list was small furniture, purchased by 39%. The Dram Bar Cart is versatile enough to also be used to hold books, office supplies, or even to house your plants. The metal frame, along with two plywood trays, are durable enough to roll across the room or through the house, even when fully loaded. The tray is available in either an oak or walnut finish.
Large Furniture
Burrard Bella Caramel Sofa
Among survey respondents, 37% purchased large furniture. The Burrard Bella Caramel Sofa is made of waxed Italian-tanned leather and has double-stitched seams and hand-folded corners. Also, the foam and polyester fiber-filled cushions have removable covers, and the slim legs underneath provide stability without being bulky.
Window Treatments
Emory Textured Window Curtain
Over a third (34%) of homeowners purchased window treatments. These Emery Textured Window Curtains combine form and function. Available in several colors — including antique red, jade, silver, smoke, and taupe — the curtains are stylish enough to hang in any almost any room. They’re available with a cotton liner, or a light blocking liner. The rod pocket and hidden back tabs provide dual hanging options.
Storage/Organization
LIfton Lane Brown Leather Traditional Trunk Set
A full third (33%) of surveyed homeowners purchased storage/organization items. The Lifton Lane Brown Leather Traditional Trunk Set is made of durable faux leather. The three trunks of various sizes each include buckle straps, bolted handles, and rivet details. The trunks can be displayed separately or stacked together to provide storage and serve as accent pieces in almost any room. The large trunk can even serve as a coffee table.
Lamps
Hashira Table Lamp
Almost a third (32%) of homeowners purchased lamps. A new interpretation of the Japanese rice paper lantern, the Audo Hashira Table Lamp is an elegant and minimalist choice. The linen shade is translucent and projects light in various directions, and it sits atop a stained oak base. The cylindrical lamp also has a metal frame and textile cord, and it uses a dimmer switch.
Holiday Décor
Fleur De Sel Wreath
Holiday décor was also a popular purchase (29%). This Fleur De Sel Wreath is an example of decor items that can be swapped out every season. It’s hand assembled and has a natural twig base. The wreath is also free of pesticides and herbicides.
Mirrors
Beau Walnut Floor Mirror
Mirrors were the tenth most popular décor item (28%). This Beau Walnut Floor Mirror can be placed in the hallway as a stylish accent, in the living room to bounce light around the room, or in the bedroom so you can check your appearance before leaving the house. The mirror is surrounded by solid and veneered wood, and it has leather straps and hardware in case you want to secure it to the wall.
