Kathy Owen | Wealth of Geeks
In 2023, median home renovation costs soared to $24,000, a 60% rise from 2020, according to the annual Houzz study of United States homeowners engaged in renovation projects.
The trend is even more pronounced among the top 90th percentile of spenders, where budgets expanded by 77%. Just three years ago, homeowners spent $85,000. In 2023, that blossomed into a staggering $150,000.
More than half of 17 thousand homeowners Houzz interviewed invested $25,000 or more into their projects in 2023.
As Americans increasingly tailor their homes to serve as personalized sanctuaries, the home renovation industry is experiencing a notable boom. The aforementioned Houzz study spoke to a total of 32,615 individuals, unveiling key trends, financial investments, and underlying reasons fueling the uptick in home improvements.
Soaring costs
The data reveals a remarkable increase in home renovation spending over the past three years.
With the cost of materials and labor increasing, many Americans are looking for ways to improve their living spaces while saving money.
DIY home makeovers are a practical solution for homeowners looking to revamp their living spaces without overspending. By focusing on resourcefulness and creativity, individuals can transform their homes into stylish and functional havens.
Reduce, Reuse, Repurpose
Makeovers often involve repurposing materials, DIY projects, and selective updates that prioritize high-impact areas of the home. The goal is to achieve a fresh look and improved functionality while minimizing expenses.
One important part of executing a successful project is the strategic use of resources. Homeowners may opt for cost-effective alternatives instead of expensive materials and furnishings. Renovators also might find ways to refresh existing pieces.
Paint cabinets, rearrange furniture; focus on making noticeable changes without the need to undertake costly renovations. The clever integration of thrifted or…
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