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;