Hardware Retailing The Industry's Source for Insights and Information
New data from home renovation and design platform Houzz is revealing what homeowners want from their residential renovations. Featuring insight from more than 75,000 Houzz users, including nearly 37,000 U.S. homeowners, the 2021 Renovation Trends report can help you market products and services directly to modern customers looking for on-trend renovations.
Home renovation spending is going up.
Spending on home renovations has grown 15 percent in the last year, reaching a median figure of $15,000. The highest renovations are hovering around $85,000, up from $80,000 in 2020.
Home renovation is going strong into 2021.
The data shows homeowners are showing clear indications of wanting to renovate their homes as 2021 begins. More than 56 percent of surveyed homeowners plan to renovate their living spaces this year, the highest figure since 2017. Around half of all homeowners plan to redecorate their homes, and more than one-third are planning repairs.
Homes are getting smarter.
Purchases of smart home technology are continuing to rise. In 2021, more homeowners purchased smart technology products, including security cameras, light fixtures and speakers, for their outdoor spaces than in the previous year.
Generation X is investing in their homes.
While baby boomers have historically led home renovation spending, Generation X (aged 40-54) narrowed the gap in 2020. Median spend for baby boomers was flat at $15,000 last year, while Generation X increased their spending from $12,000 in 2019 to $14,000 in 2020.
Homeowners want large kitchens.
Kitchen renovations are the most popular projects. Spending has remained flat on these types of projects in recent years, but jumped 14 percent to $40,000 in 2020, compared to $35,000 in 2019.
Outdoor projects gain traction.
Outdoor projects have gained in popularity since 2018, and project frequency saw a 6 percent rise in 2020. Exterior updates, including decks, porches and balconies, increased in popularity, with homeowners investing roughly 25 percent more in deck and porch upgrades compared to 2019.
