Millennial homeowners remodel more often than Gen X and boomers—and 32 other home improvement stats
Millennial homeowners remodel more often than Gen X and boomers—and 32 other home improvement stats
The home remodeling statistics are in. Surveys over the last few years reveal the latest home improvement trends and projects that homeowners took on post-pandemic. Today's Homeowner created a list based on general home remodeling stats, industry market trends by store and generation, and the most popular remodeling projects to create a picture of the biggest takeaways of 2021 and 2022.
Home remodeling statistics
- The median age of a home in the U.S. is 39 years old.
- More than 50% of houses in the U.S. were built before 1980.
- 55% of homeowners reported renovating a part of their home in the past year.
- Americans were estimated to spend $427 billion on home improvement projects in 2022.
- Kitchen renovations and bathroom remodeling are the most popular home improvement projects.
- 80% of homeowners went over their initial budget by at least $500.
- Ace Hardware had the highest customer satisfaction score of all home improvement retail stores.
- Home improvement sales are expected to reach over $620 billion in 2025.
- Making the home more eco-friendly was the least common reason for a home improvement project during the pandemic.
- Homeowners feel the most joy when painting their home out of all interior projects.
- 60% of people specifically started a DIY home improvement project in 2022.
- Lumberyard sales for DIY remodels reached almost $138 billion.
- Older millennials make the most renovations to their homes.
- 93% of homeowners felt they had a better quality of life after finishing their renovations.
- Exterior home remodels may cost more than interior projects.
Home remodeling industry trends
Due to the pandemic, more Americans were staying at home, and it fueled changes in housing and lifestyle decisions, resulting in massive remodeling and repair spending in 2020 and 2021. Interest rates for homebuyers were also the lowest they had ever been, causing the demand for houses and housing materials to rise in the remodeling market.
- The home improvement industry was valued at $763 billion in 2020.
- Between 2020 and 2027, the global home improvement market will have a CAGR of over 4%, resulting in a market value of $3 trillion by 2027.
- Homeowners spent $337 billion in new home improvements and repairs in 2020, $368 billion in 2021, and an estimated $427 billion in 2022.
- 60% of homeowners did not use a contractor for their home remodeling projects in 2022.
- In 2021, paint and wallpaper store sales in the United States reached approximately $15 billion.
- Building material, garden equipment, and supplies dealers sales went up $60 billion in 2021 compared to the previous year.
Home improvement stores statistics
The U.S. home improvement industry has grown tremendously in recent years, and homeowners continue to purchase at key hardware stores and retail stores for their home renovation projects.
- The top four leading home improvement stores are Ace Hardware, Menards, Lowes, and The Home Depot.
- The Home Depot is the No. 1 leading and largest home improvement store in the United States.
- In 2021, The Home Depot reached over US$151 billion in net sales worldwide.
Home remodeling by generation
Researchers are continuing to learn more about the types of people renovating their homes, home improvement spending, and the demographics of new remodelers.
- Millennials continue to renovate their homes the most, followed by Gen X and baby boomers.
- Married couples with children were more likely to spend and pursue home remodeling projects than single people.
- Older homeowners only spend 15% of their home improvement budgets on home DIY projects.
- 69% of homeowners feel a major sense of accomplishment after they've completed their project.
Types of home remodeling projects
The study revealed that specific remodeling activity offered a better return on investment, and homeowners preferred remodeling certain parts of the home versus others.
- Kitchen and bathroom renovations made up 50% of home remodeling projects in 2022.
- Kitchen remodels are the most expensive home improvement project in American homes.
- The average cost recovered for exterior projects is 23% higher than interior ones.
- On average, remodeling projects have a 69% ROI, with a garage door replacement ranking best for ROI.
- 60% of homeowners didn't use a general contractor for their home improvement project.
This story was produced by Today's Homeowner and reviewed and distributed by Stacker Media.
