The recently released 2023 U.S. Houzz & Home Study: Renovation Trends surveyed 46,118 homeowners, including 24,667 who either renovated in 2022 or have planned projects this year. Major findings showed there was a five-year high in remodeling activity with a median spend of $22,000, an increase of 22% over 2021. The survey found that 58% of homeowners renovated in 2022, up three percentage points from the prior year. Kitchens remained the most popular and expensive room to renovate with the median spend jumping 33% over 2021 to $20,000. Bathrooms also remained a primary project with a median investment of $13,500.
Baby boomers were the largest group renovating last year at 59%; however, for the first time GenXer’s spent more per project at $25,000.
Last year, 53% of respondents purchased small furniture and 45% invested in storage and organization, representing the largest gains in home décor by 14% and 13% respectively.
In 2023, 55% of homeowners surveyed expect to remodel and 48% plan to decorate. The planned median spend for these renovations is $15,000, consistent with 2021. See 2023 Houzz & Home Study