Houzz is comprehensive online resource for those working on renovating their home. They conducted their largest 12th annual national survey of over 46,000 homeowners who remodeled in 2022 or had plans for a remodel in 2023 to ascertain trends in home remodeling projects and design. Faced with shortages of housing stock and high interest rates, homeowners are doing home renovations to make it more functional and enjoyable for long term. These insights may provide direction for what you would like to do for your home.
• 58% of homeowners have remodeled in the past year. With the median age of homes increasing, nearly 3 in 10 homeowners included updating plumbing, electrical, and added more home automation in their projects. The median higher budget updates were $140,000.
• For projects over $50,000, 26% of homeowners financed it with a secure home loan.
• Homeowners typically take on three interior projects. Kitchens and bathrooms are the top projects for being upgraded and are getting larger in size. The number of projects that included additions increased by 2% to being included 10% of the time.
• The number of homeowners who used tile for walls increased by 7 points to 35%.
• The most popular indoor technology purchase (by 55% of homeowners) are smart lighting system controlled by a mobile device.
• The most popular exterior projects are window upgrades, paint, and roof upgrade.
• 61% said they plan on staying in their home for 11 years or more. They are relying on professionals for their home remodeling project designs and assistance in selecting the right products.
Knowing what the majority are doing for home remodeling can be a source of wisdom of the importance of updating the home and confidence in what to prioritize for your budget.
Happy Home Remodeling!
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