One in seven homeowners surveyed by Houzz reported putting their home renovation project on hold in 2023.
The top reasons for the postponements included budget constraints (46%), inflation (42%) and a lack of project urgency (38%). The survey was conducted in August 2023 and surveyed more than 2,500 homeowners. The survey still showed that a majority (63%) of homeowners preferred to renovate their current home as opposed to moving. Of the renovation projects planned for this year, 48% have a budget of over $30,000.
“The demand for home renovations continues, but the industry is not immune to challenges posed by a volatile national economy,” stated Marine Sargsyan, Houzz staff economist. “Faced with inflation and rising interest rates, many homeowners have been forced to reevaluate their ability to pursue immediate improvements. That said, as homeowners choose to remain in their aging homes rather than move, they continue to turn to industry professionals for assistance with necessary repairs and discretionary projects that improve their quality of life.”
