A recent survey of of more than 30,000 Houzz website users asked respondents about their home renovations in 2023 and what they're planning for 2024. The survey found that spending has surged during the past three years, with the median amount spent on renovations in 2020 rising by 60% compared with 2023 (up from $15,000 to $24,000), and 51% of homeowners spent $25,000 or more on their renovation projects in 2023.
Other findings from the study include:
Gen Xers Still Spend the Most: 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. The top 10% of spenders in these groups had substantial project budgets, with Gen Xers at $180,000 and Baby Boomers at $131,000.
Kitchens and Bathrooms Lead in Project Activity: Kitchens continue to lead as the most commonly renovated interior room (29%), followed closely by guest bathrooms and primary bathrooms (27% and 25%, respectively). Living room projects also are popular, with 1 in 5 homeowners (21%) undertaking them. The median spend for kitchen and primary bath projects jumped in 2022, and in 2023 it increased again — by 20% and 11%, reaching $24,000 and $15,000, respectively.
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