Home Renovation Statistics and Trends

Home renovation statistics can be overwhelming, but understanding the trends and numbers can help you make informed decisions about your own projects.

According to the National Association of Home Builders, 63% of homeowners plan to renovate or expand their homes in the next five years.

Homeowners are prioritizing projects that increase their living space and functionality, such as adding a second story or converting a garage into a living area.

The average cost of a home renovation project is around $45,000, with the majority of homeowners allocating 10% to 20% of their home's value for renovations.

Homeowners are also focusing on energy-efficient upgrades, such as installing solar panels or replacing old windows, to reduce their energy bills and environmental impact.

If this caught your attention, see: Home Renovation Project

The global home improvement industry has seen significant growth over the past few years, with a market size of $762 billion in 2020. This industry is expected to continue growing, with a projected market size of $510 billion in 2024.

The average cost of a home remodel can range from $15,000 to $200,000, which is a significant investment for many homeowners. This highlights the importance of careful planning and budgeting when considering a home renovation.

The home improvement industry is not limited to just one segment, but rather has many segments that make it up. This includes home centers, hardware stores, and various other types of businesses that cater to homeowners' needs.

According to the statistics, the U.S. home remodeling market size is $340+ billion, which is a significant portion of the global home improvement industry. This growth is expected to continue, with a projected 4.3% growth rate from 2021 to 2027.

Here are some key statistics that illustrate the growth of the home improvement industry:

The global home improvement industry is expected to continue growing, with a projected market size of $763 billion by the end of 2020. This growth is driven by various trends and factors that are affecting the industry.

The home renovation industry is a massive market, and understanding its key statistics can help you make informed decisions about your own projects. Americans spent a whopping $538 billion at home improvement stores in 2021.

The average American home is also a story in itself - 59% of U.S. homes were developed before 1980. This means that many of us are working with older homes that may require more extensive renovations.

The global home improvement & remodeling industry was worth a staggering $762.0 billion in 2020. This growth is expected to continue, with a projected 4.3% increase from 2021 to 2027.

The average cost of a home remodel can range from $15,000 to $200,000, making it a significant investment for many homeowners. This is why it's essential to plan carefully and consider your budget before starting any renovation project.

Here are some key statistics to keep in mind:

It's worth noting that 37% of homeowners prefer to do their renovations themselves, while 63% opt for hiring a professional. This can be a great way to save money, but it's essential to have the necessary skills and experience to tackle a project successfully.

Home renovation is a significant undertaking, and understanding consumer behavior can help you navigate the process. Homeowners in the U.S. who renovated in 2023 by generation show a significant difference in participation rates.

The Silent Generation made up 34% of home renovators in 2023, while Baby Boomers accounted for 35%. Generation X and Millennials followed closely behind. The youngest generation, Gen Z, made up only 12% of renovators.

Homeowners who renovated between 2015 and 2023 have renovated an average of 2.5 times. This frequency of renovations highlights the ongoing need for home improvement and renovation. Homeowners are constantly looking for ways to update and improve their living spaces.

The top home improvement store chains in the U.S. in 2024, by customer satisfaction, are Home Depot, Lowe's, and Menards. These stores consistently rank high in customer satisfaction, indicating a strong reputation for quality products and services.

Home improvement products' popularity can vary over time. In the 2nd quarter of 2022, the most popular products were exterior paints, interior paints, and flooring. By the 2nd quarter of 2023, the top products had shifted to smart home devices, kitchen appliances, and bathroom fixtures.

Homeowners in the U.S. remodel their kitchens for various reasons. The top motivations for kitchen remodels in 2023-2024 include updating outdated appliances, improving the layout, and increasing the value of the home. Homeowners also want to enhance the aesthetic appeal of their kitchen.

The main reasons for master bathroom renovations in the U.S. in 2023 were to update the outdated fixtures, improve the functionality, and increase the value of the home. Homeowners also wanted to enhance the overall appearance of the bathroom.

Renovation ROI can be a complex topic, but understanding the key factors that affect it can help you make informed decisions about your home improvement projects.

The value of your renovation project can vary significantly depending on your location, with some neighborhoods and regions offering better returns than others.

A well-executed renovation is essential to achieving a high return on investment, as it can increase your home's value and appeal to potential buyers.

Consider the current real estate market when planning your renovations, as it can impact how much buyers are willing to pay for upgrades.

Here are some renovation projects that consistently offer high returns:

These projects can recoup a significant portion of their costs when you sell your home, making them a smart investment for homeowners.

ROI in home improvement is a crucial concept to understand, and it refers to the percentage of your renovation costs you can expect to recoup when you sell your home.

For example, if you spend $10,000 on a kitchen remodel and it increases your home’s value by $8,000, the ROI would be 80%. This means you'll only get back 80% of your investment.

Location plays a significant role in determining the ROI of your home improvements, with values varying by neighborhood and region.

The current real estate market also affects how much buyers are willing to pay for upgrades, making it essential to consider market conditions before embarking on a renovation project.

Sometimes, minor updates can offer better ROI than major overhauls, making it crucial to consider the project scope and what will yield the highest returns.

Timing is also a critical factor, as how long you plan to stay in your home after renovations can impact your overall return on investment.

Well-executed renovations typically yield higher returns, making it essential to focus on quality work.

Here are the key factors affecting ROI in a concise table:

Home renovation statistics show that certain projects consistently offer high returns on investment.

Kitchens and bathrooms are the most popular renovation projects, with 71% of homeowners undertaking improvement or renovation projects in these areas. This is likely due to the fact that these spaces are often the most used and most visible in the home.

A minor kitchen remodel can yield an impressive ROI of 70%–80%, making it a valuable investment for homeowners. This typically includes updating appliances, refacing cabinets, and installing new countertops.

In the United States, major kitchen features being upgraded in houses in 2023/2024 include new countertops, appliances, and cabinets. The leading kitchen countertop materials used for remodeled homes in the United States in 2023/2024 are granite, quartz, and marble.

Bathroom renovations, especially minor updates, can also offer significant returns, recouping 72.7% of their cost at resale. This can be achieved by replacing outdated fixtures, updating lighting, and adding modern touches.

The most common master bathroom features being upgraded in U.S. houses in 2023 include new vanities, showers, and bathtubs. The leading master bathroom styles after renovation in the United States in 2023 include modern, contemporary, and traditional designs.

Outdoor living spaces, such as decks and patios, can also significantly boost a home's value and appeal, with an average ROI of 89% for a well-constructed deck.

Renovation costs can vary widely, ranging from $15,000 to $200,000, depending on factors like home size and materials used.

The average price to renovate a home can be affected by location, underlying issues, and mechanical repairs, which can drive up costs.

Covid-19 has caused a slight increase in home renovation prices due to supply and demand issues and health risks.

If you're considering financing your home renovations, you have options like home equity loans and lines of credit, which can offer lower interest rates and flexible funding.

Home equity loans provide a lump sum, while lines of credit allow you to draw funds as needed, giving you more control over your renovation budget.

Suggestion: Home Equity Loan for Home Renovation

Homeowners should consider potential future market trends when planning renovations, as what appeals to buyers today may change over time.

Staying informed about emerging trends and technologies can enhance a home's appeal and increase its value.

Thinking about long-lasting improvements that will remain valuable over time is essential for a successful renovation.

Considering current market trends and staying adaptable can help homeowners make informed decisions about their renovation projects.

See what others are reading: Home Renovation Trends

The home improvement industry is a massive market, with a global value of approximately $763 billion at the end of 2020. This industry is expected to grow over the next few years, driven by various trends and factors.

In the United States, the home improvement industry is valued at $762 billion, with a growth rate of 4.3% from 2021 to 2027. This growth is expected to continue, with projected sales of $510 billion in 2024.

The industry is not limited to just home renovations, but also includes sales of building materials, garden equipment, and supplies. In 2022, sales of the leading home improvement chains in the United States reached $143.5 billion, with Home Depot being the largest retailer.

Here are some key statistics on the home improvement industry:

Home Depot is not only the largest retailer, but it's also a preferred store for millennials, who prefer its larger stores and wider selection of products.

The global home improvement industry is a massive market that's worth billions of dollars. In 2020, it was valued at approximately $763 billion.

This industry has seen significant growth over the years, with a projected growth rate of 4.3% from 2021 to 2027. The global market size is expected to continue growing, driven by various trends and factors.

The home improvement industry is a multi-billion-dollar market, with a significant presence in the US. In 2018, the US home remodeling market was estimated to be worth $374.6 billion.

Here are some key statistics that highlight the size of the global home improvement industry:

These numbers give you an idea of the enormous size of the home improvement industry. The industry's growth rate is expected to continue, driven by various factors and trends.

The home improvement industry is a vast and complex market, with numerous retailers contributing to its growth and success. The top home improvement chains in the United States in 2022, by sales, are dominated by a few key players.

Home Depot is one of the largest home improvement retailers in the US, with a market share of 30% and sales of over $1 trillion. Lowe's is another major player, with a market share of 30% as well.

In contrast, Ace Hardware stores have a smaller market share of 2%, but they have a larger number of locations, with 4,418 stores across the US.

Menards, on the other hand, has a market share of 3% and is known for its midwestern presence.

Here's a breakdown of the market share of some of the top home improvement retailers in the US:

These retailers are just a few examples of the many players in the home improvement industry, and their market share and sales figures are subject to change over time.