If you’re thinking about renovations (or simply enjoy staying informed), you’ll be excited to learn that Houzz has just unveiled their most comprehensive home renovation and design report of the year. The 2024 U.S. Houzz & Home Study incorporates insights from a survey of over 30,000 registered Houzz users, highlighting statistics from 2023 renovation projects that will shape trends in 2024.
According to Real Simple, many people love to point out how the tough economy is forcing them to cut back on spending in many areas of life—except during home renovations. According to Houzz, renovation spending has skyrocketed over the past few years. The median spend increased by a whopping 60% between 2020 ($15,000) and 2023 ($24,000). (Median spend is defined by Houzz as the “midpoint level,” so half of renovating homeowners surveyed spent more and half spent less.)
Additionally, more than half of renovating homeowners (51%) spent $25,000 or more on their renovations in 2023, up from 37% in 2020. So if you’re planning a renovation in the near future, these figures will (hopefully!) help you mentally prepare for any sticker shock you might experience.