The 2024 Houzz & Home Study is the largest survey (over 32,000 homeowners) on recently done or planned home remodeling projects. Remodeling has surged the last three years. Although there was a slight dip of homeowners doing projects in 2023 (56% of them down from 58% in 2022), homeowners are spending more on their home remodeling projects. The top 90% spent an average of $150,000 (Gen Xers averaged $180,000), and the median spend was $25,000. Fifty percent of respondents said they will remodel in 2024. Here are some of the survey findings.
Multi-Room Remodels. Homeowners are consistently undertaking multiple remodeling projects simultaneously. On average they renovate three interior rooms (kitchen, bathroom, living room) and two or more outdoor projects. Better lighting/more natural light is important for all of them.
Kitchens and Bathrooms Lead in Indoor Project Activity: Kitchen remodeling continues to lead as the most popular interior room renovation (29%), followed closely by guest bathrooms (27%) and primary bathroom (25%). Living room projects also are popular, with 1 in 5 homeowners (21%) renovating them. The median spend for kitchen jumped 20% from the prior year, averaging $24,000. Primary bath projects increased by 11%, with a median spend of $15,000.
Outdoor Projects Increase in popularity Outdoor project activity rose 2 percentage points in 2023 to 53%. The most common system update includes outdoor lighting (22%), and security (18%), as homeowners install cameras and sensors around their properties.
Hiring Professionals remains strong. Nine out of ten homeowners hire professionals. Among those hiring a construction professional, 72% hire a general contractor. The products most included (from a list of 27 items), are: paint, light fixtures, faucets & showerheads…and noncarpet flooring.
Budgets Set, Yet Exceeded Seventy six percent of homeowners set a home remodeling budget prior to beginning work. While a third of homeowners stayed within their budget, nearly 2 in 5 exceeded their budget in 2023 (39%). The main reasons for going over budget included unforeseen costs for products and services, increased project complexity, and choosing more expensive products and materials.
The top reasons given as to why they recently did or will do a remodel are: 39% said had they had the time (most of their time was in the planning), 36% had the finances, 25% said because they just bought the home, 18% said it needed an update or repair, and 17% had a lifestyle change.
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