GROWTH IN KITCHEN RENOVATION SPEND: Spend on kitchen renovations grew by 16 percent in the past year to a median spend of $20,000. Kitchens are the most popular room to renovate, followed by living rooms (26% and 23%, respectively). Bedrooms, bathrooms and laundries were all equally popular this year at 17%.
RENOVATION ACTIVITY REMAINS STEADY: Renovation activity remained strong through 2018. Half of homeowners on Houzz renovated an average of three rooms per project, at an overall median spend of $20,000. Nearly half of renovating homeowners planned to continue or begin renovations in 2019 (47%).
RENOVATION ACTIVITY DRIVEN BY OLDER GENERATIONS: Baby Boomers (ages 55-74) and Gen Xers (ages 40-54) combined represent over three quarters of the renovation activity (79%), at a median spend of $21,000 and $23,000, respectively. 41% of Gen Xers and 35% of Baby Boomers anticipate new projects in 2019.
MOTIVATIONS FOR RENOVATING:
As homeowners consider whether to renovate their current home or to purchase a new home, the top two considerations for renovating are to stay in their current home or area, outranking return on investment. Wanting to stay in the current home is the biggest decision driver for Baby Boomers and Gen Xers, whereas Millennials (ages 25 to 39) chose to stay in their current home and renovate because it was more affordable than moving.
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RENOVATION ACTIVITY REMAINS STEADY: Renovation activity remained strong through 2018. Half of homeowners on Houzz renovated an average of three rooms per project, at an overall median spend of $20,000. Nearly half of renovating homeowners planned to continue or begin renovations in 2019 (47%).
RENOVATION ACTIVITY DRIVEN BY OLDER GENERATIONS: Baby Boomers (ages 55-74) and Gen Xers (ages 40-54) combined represent over three quarters of the renovation activity (79%), at a median spend of $21,000 and $23,000, respectively. 41% of Gen Xers and 35% of Baby Boomers anticipate new projects in 2019.
MOTIVATIONS FOR RENOVATING:
As homeowners consider whether to renovate their current home or to purchase a new home, the top two considerations for renovating are to stay in their current home or area, outranking return on investment. Wanting to stay in the current home is the biggest decision driver for Baby Boomers and Gen Xers, whereas Millennials (ages 25 to 39) chose to stay in their current home and renovate because it was more affordable than moving.
Download the Full Report