Pace of Renovations Continues with Most Homeowners Renovating to Stay, U.S. Houzz & Home Study Shows
Homeowners are renovating their homes for the long run, according to the 12th annual U.S. Houzz & Home Study of more than 46,000 U.S. respondents. More than 60% of homeowners say they plan to stay in their homes for 11 years or more following a 2022 renovation. Additionally, the share of homeowners undertaking renovations with a plan to sell their home soon has declined by half since 2018 (6% compared with 12% in 2018).
Nearly 3 in 5 homeowners remodeled or decorated their homes in 2022 (58% and 57%, respectively) and nearly half made repairs (48%). The median spend for home renovations in 2022 was $22,000, whereas the spend for higher-budget updates (with the top 10% of spend) reached $140,000 or more. Renovation activity continues into 2023, with more than half of homeowners planning projects this year (55%), at an anticipated median spend of $15,000 and $85,000 for higher-budget projects.