PALO ALTO, Calif. — In its tenth annual Houzz & Residence survey, Houzz discovered that house renovation has grown 15% prior to now yr, with kitchens, out of doors areas, house workplaces and know-how getting probably the most consideration.
And the rise in renovation is just anticipated to proceed, with 56% of the owners surveyed planning some kind of renovation mission in 2021, the very best share since 2017 at 52%.
In 2020, the survey reveals that the median house renovation spend was $15,000, and better finances tasks noticed a rise from $80,000 per mission in 2018 and 2019 to $85,000 final yr.
“Whereas the pandemic brought about preliminary concern for the residential renovation business, many owners lastly had the time and monetary means to maneuver ahead with lengthy awaited tasks prior to now yr,” stated Marine Sargsyan, Houzz senior economist. “This pent up demand, together with different long-standing market fundamentals resembling amassed fairness, will empower owners to proceed investing of their present houses moderately than face skyrocketing costs within the housing market.”
The explanations for the rise in house renovation are different: 44% stated they lastly had time for the mission; 36% stated they lastly have the monetary means; 25% determined to renovate moderately than transfer; and 18% stated they transformed to adapt to a latest change in life-style.
Whereas Child Boomers have traditionally been the chief in each renovation exercise and spend, Gen Xers narrowed the hole in 2020. Final yr, Child Boomers (52% of renovating owners, down from 55% in 2019) spent a median $15,000, whereas Gen Xers (32% of renovating owners, up from 30% the earlier yr) elevated their spend by $2,000 to a median $14,000.
Millennials, who proceed to symbolize 12% of renovating owners, remained unchanged at a median of $10,000 per mission.
The place had been the renovations?
- Whereas inside room remodels stay the most typical tasks (68%), out of doors areas proceed to extend in reputation, as much as 57% in 2020. The most well-liked tasks included landscaping and upgrades to decks, porches or balconies.
- Owners additionally stepped up their reworking funding in smaller areas of the house that will have as soon as been thought-about a luxurious and at the moment are a necessity. Demand for house workplace tasks elevated by 4 share factors to 14% of the tasks and spending on these tasks elevated by 10% in 2020, to a media of $1,100.
- Sensible house know-how continues to realize reputation, with objects resembling streaming-media gamers and TVs seeing the best will increase. Nonetheless, a bigger share of renovating owners opted for good merchandise for his or her out of doors areas, with 19% selecting safety cameras, 7% including lighting fixtures and three% including audio system or sound programs.
- 87% of these surveyed employed skilled assist for his or her renovation tasks in 2020, typically partaking multiple skilled per tasks. Whereas specialty service suppliers had been the most typical (49%), building (36%) and design-related professionals (18%) had been vital as nicely.
And the place had been owners spending probably the most? San Jose, Calif., leads the record of high 10 metropolitan areas with the very best median spend on renovations in 2020 ($30,000), sustaining high place since 2017. Owners in California and Florida — San Francisco ($21,250), Los Angeles ($20,500), San Diego ($20,000) and Miami ($20,000) — made up the record of high 5 metro areas by renovation spend in 2020.
Concerning the survey
The 2021 examine consists of greater than 70,000 respondents within the U.S. alone, offering insights into the house enchancment exercise of the thousands and thousands of customers of the Houzz web site and cellular apps.
The Houzz & Residence Survey was despatched to registered customers of Houzz and fielded April-Could 2021.
The total report is out there right here.