2023 U.S. Houzz & Home Study: Renovation Trends
Findings from a survey of 46,118 users, including 24,667 renovating U.S. homeowners on Houzz about their home renovations in 2022 and plans for 2023
Homeowners Renovate for the Long Run: More than 3 in 5 homeowners (61%) stated that they plan to stay in their home for 11 years or more following their renovation in 2022. Additionally, the share of homeowners undertaking renovations with a plan to sell their home soon has declined by half since 2018 (6% this year compared with 12% in 2018). Renovation Activity Continues: Nearly 3 in 5 homeowners remodeled or decorated 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 median for higher-budget updates (with the top 10% of spend) reached $140,000 or more. Renovation activity is continuing in 2023, with more than half of homeowners (55%) planning projects this year, and with an anticipated median spend of $15,000 (or $85,000 for higher-budget projects). Kitchens and Bathrooms are the Main Attractions: Interior spaces are the most popular areas to renovate (72%), and homeowners tackle an average of nearly three interior projects at a time. Kitchen and bathroom remodels remain the top projects, and a larger share of homeowners upgraded these spaces in 2022 (28% and 25%, respectively) compared with 2021 (27% and 24%, respectively). Kitchens and primary bathrooms also command the highest median spend: $20,000 and $13,500, respectively. Construction and Design Pro Hiring Jumps: While homeowners hired specialty service providers most frequently in 2022 (46%), construction professionals —such as general contractors and kitchen or bathroom remodelers — came in a close second (44%). The share of homeowners who relied on construction pros grew by 6 percentage points (from 38% in 2021), as did the share relying on design-related pros (growing from 20% in 2021 to 26% in 2022). Baby Boomers Lead in Renovation Activity: Baby boomers continued to lead in renovation activity (59%), followed at a distance by Gen Xers and Millennials (27% and 9%, respectively). That said, Gen Xers surpassed Baby Boomers in median spend for the first time in 2022 ($25,000 versus $24,000, respectively). Aging Homes Call for System Upgrades: As the median home age in the U.S.continues to increase, homeowners are focusing on home system improvements. Nearly 3 in 10 homeowners upgraded plumbing in 2022, with electrical and home automation close behind (29%, 28% and 25%, respectively). Electrical upgrades gained 4 percentage points in 2022 after remaining stable at 24% for the previous two years. Among typical home system upgrades, cooling and heating systems commanded the two highest median spends in 2022 ($5,500 and $5,000, respectively), and are undertaken by more than 1 in 5 renovating homeowners.