If you’ve got renovation on the brain (or you just love being in the know!), you’ll be delighted to hear that Houzz just released their biggest home renovation and design report of the year. The 2024 U.S. Houzz & Home Study features data from a survey of over 30,000 registered Houzz users and details stats from 2023 renovation projects that will inform 2024 trends.
The survey, which was conducted between January and February of this year, touches on various elements of the renovation process, from the planning stages to finances, and, of course, specific home improvement and decorating projects. Additionally, it explores the generational preferences between Baby Boomers, Gen Xers, and Millennials.
To learn more about what the current state of the renovation industry is, and how it might inform your decisions if you’re beginning a remodel, read on for some of the most fascinating highlights from the survey.
Home Renovation Spend Is Higher Than Ever
Many people love to point out how the tough economy is forcing them to cut back on spending in many areas of life—except during home renovations. According to Houzz, renovation spending has skyrocketed over the past few years. The median spend increased by a whopping 60% between 2020 ($15,000) and 2023 ($24,000). (Median spend is defined by Houzz as the “midpoint level,” so half of renovating homeowners surveyed spent more and half spent less.)
Additionally, more than half of renovating homeowners (51%) spent $25,000 or more on their renovations in 2023, up from 37% in 2020. So if you’re planning a renovation in the near future, these figures will (hopefully!) help you mentally prepare for any sticker shock you might experience.
Gen Xers Spend the Most (Still)
And on a related note, if you’re a Gen Xer, your wallet is probably crying the hardest during a remodel—Gen Xers spent the most on renovation projects for the second year in a row. Their median spend in 2023 was $25,000, compared with Baby Boomers at $24,000. (Houzz defined generational categories using Pew Research Center’s age ranges: Gen Zers [18-26], Millennials [27-42], Gen Xers [43-58], Baby Boomers [59-77] and Seniors [78+].)
Kitchen and Bath Budgets Get Bigger
The kitchen, unsurprisingly, is the most commonly renovated room, with 27% of homeowners tackling the project. Guest bathroom and primary bathroom remodels follow closely, at 25% and 23%, respectively. It also shouldn’t come as a shock that these are also the priciest spaces to undertake.
What is a little unexpected is how much more people are spending on these spaces. Houzz reported that the median spend for kitchen and primary bathrooms jumped in 2022, and in 2023 it increased again—by 20% and 11%, reaching $24,000 and $15,000, respectively.
We’re Spending Twice as Much Time Planning
The age-old adage “measure twice, cut once” hits deep here—Houzz findings reveal that planning time now far exceeds building time. In fact, homeowners dedicate twice as much time on average to the planning phase of a reno (compared with the construction phase) across all rooms.
The data also confirmed timelines for specific projects—kitchen renovations had the longest timeline in 2023, with an astonishing 9.6 months of planning and 5.1 months of building, on average. Living rooms followed closely behind, with 8.1 months of planning and 4.1 months of building.
Paint and Lighting Are the Most Popular Purchases
Product purchasing during the renovation process has slowed down slightly, according to Houzz. One product category really stole the show though in this sluggish market: paint, which is understandable in this context. 64% of renovating homeowners bought paint for their projects in 2023, making this once again the most popular purchase. On a slightly more surprising note, following paint is lighting—52% of homeowners invested in new light fixtures.
People Are Investing More in Heating and Cooling Systems
If you’re planning your reno, consider updating your cooling and heating systems, which according to Houzz, is what many homeowners did in 2023. The median spend on heating and cooling systems has increased by 10%, costing $5,500 and $6,000, respectively.
In general, Houzz notes that the median spend on various home system upgrades (like electrical, plumbing, automation, and security) is rising.
Increasing Outdoor Security Enhancements
Speaking of systems, outdoor systems are gaining popularity, particularly in the lighting category. 22% of homeowners opted to upgrade this, but following closely behind are security enhancements, like cameras or sensors. 18% of homeowners invested in this product genre—up 2 percentage points year over year. Millennials and Gen Xers update security in their outdoor spaces most frequently (21% and 20%, respectively). It’s clear that safety is becoming more of a priority for many households, and people are willing to invest in tech that brings them peace of mind.
Skylights Are Growing in Popularity
We’re all prioritizing better light, and not just through light fixtures like we mentioned earlier. Windows and skylights, in particular, are getting upgraded by all age groups—Gen Xers and Baby Boomers are the most likely to upgrade windows or skylights (21% each), but Millennials and Seniors follow closely (20%).