More than half of homeowners—55%—reported renovating their homes in 2021, according to the latest Houzz survey. The percentage is up from 53% in 2020 and 54% in 2019 and 2018.
Homeowner budgets for renovations also increased from 2020, and “non-carpet” flooring was purchased by 38% of homeowners who renovated in 2021. The survey also found that 55% of respondents planned to renovate in 2022.
“Market fundamentals, including limited and aging housing stock, continue to propel the home renovation market,” stated Marine Sargsyan, Houzz staff economist. “Homeowners are clearly committed to investing in their homes despite heightened product and material costs driven by supply chain disruptions, and are exploring diverse funding sources. This is especially pronounced among recent homebuyers, who rely heavily on cash from previous home sales to fund their projects and spend significantly more than the national median.”
The full Houzz report can be found here.
