According to a new report from Instant Roofer that analyzed data from the latest American Housing survey, it’s seeming that instead of moving and picking up a new mortgage, more American homeowners are opting to stay put and renovate. Their spending proves it: Home improvement spending has jumped to $790 billion annually — up 60% since 2019.
Homeowners spend an average of $9,000 annually on bigger home improvement expenses, according to the survey. In certain U.S. metros however, homeowners are spending up to thousands more.
GoBankingRates detailed the major cities that are spending the most. According to their site, here are a few of those U.S. cities:
Phoenix
- Average yearly spending on home improvements: $12,026
- Household income spent in 2023: 11.9%
- Household income spent in 2019: 7.9%
- Percentage point change (2019-2023): 4%
Although Phoenix doesn’t have the highest average annual home improvement spending, it does have one of the most significant percentage point changes from 2019 to 2023 at 4%. Homeowners in the city prioritize spending on outdoor improvements, including pools and landscaping.
Denver
- Average yearly spending on home improvements: $14,217
- Household income spent in 2023: 11.5%
- Household income spent in 2019: 12.2%
- Percentage point change (2019-2023): -0.7%
Denver ranks highest for average annual spending on home improvements at more than $14,200. Window and door replacements and room conversions are popular spending areas.
