Homeowners Renovate for the Long Run: Those homeowners who hope to renovate for the Long-term living: More than 61% homeowners stated that they plan to stay in their home for 11 years or more following their renovation in 2022. Besides, the percentage of homeowners who plan to make home remodeling has decreased by a half since 2018 (6% this year compared with 12% in 2018). Among all these renovations, electrical remodeling shall be the top one, it includes electrical appliances, electrical devices and electrical systems.
Renovation Activity Continues: Nearly 60% homeowners remodeled or decorated in 2022 (58% and 57%, respectively), and about 48% made repairs. The median spent for home renovations in 2022 was around $22,000, whereas the median for higher-budget updates (with the top 10% of spend) reached up to $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).
Both Kitchens and Bathrooms are the Main Attractions: Interior spaces are the most popular areas to renovate (statistic shows that nearly 72% home owners prefer to do this), 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 increase: Although homeowners hired specialty service providers most frequently in 2022 (46%), construction professionals —such as general contractors and kitchen or bathroom remodelers — follows 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: top three that are leading in renovation activity are Baby boomers (nearly 59%), Gen Xers and Millennials generation (27% and 9%, respectively). That is to say, 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 now focusing on home system improvements. Nearly 30% homeowners upgraded plumbing in 2022, with electrical and home automation close behind (29%, 28% and 25%, respectively). Electrical upgrades increased by 4% in 2022 after remaining stable at 24% for the last two years. Among all typical home system upgrades, cooling and heating systems come with two highest median spends $5,500 and $5,000, respectively in 2022, and are undertaken by more than 20% renovating homeowners.
Post time: Jun-06-2023