Download the Full ReportHome Renovation Spend Rises: Home renovation spend has grown 15% in the last year to a median $15,000. Higher-budget projects (with the top 10% of project spend) saw an increase from $85,000 or more in 2020, compared with $80,000 in the two years prior.
Credit Card Usage Declines: While cash remains the leading form of payment for home renovations (83%), the share of homeowners opting to finance their projects with credit cards fell significantly to 29% (from 37% in 2019). Tax refunds gained popularity among renovating homeowners as a payment source in 2020 (10%), especially when funding small projects up to $5,000.
Homes Get Smarter: Smart home technology purchases continue to rise in popularity, with streaming-media players and TVs experiencing the greatest increases (14% and 12%, respectively) compared with 2019 (10% and 7%, respectively). A larger share of renovating homeowners purchased smart technology products, including security cameras, light fixtures and speakers or sound systems (19%, 7% and 3%, respectively), for their outdoor spaces than in the previous year.
Homeowners Invest In Large Kitchens: Kitchen projects are the most popular among renovating homeowners, and while median spend has been flat on these projects for the past three years, investment on major remodels of large kitchens jumped 14% to $40,000 in 2020 compared with $35,000 in 2019.
Gen Xers Step Up Spend: While Baby Boomers (ages 55-74) have historically led in renovation spend, Gen Xers (ages 40-54) narrowed the gap in 2020. Median spend for Baby Boomers remained flat at $15,000, while Gen Xers increased their median spend to $14,000 (from $12,000 in 2019).
Outdoor Projects Heat Up: Outdoor areas have increased in popularity since 2018, with 2020 showing a jump of 6 percentage points (57%) among renovating homeowners. Improvements to outdoor spaces were directed towards the grounds with beds or borders and lawns seeing significant growth in popularity (35% and 20%, respectively). Exterior upgrades, such as decks and porches or balconies, also increased in popularity in 2020 (14% and 12%, respectively), with homeowners investing 25% more in deck and porch upgrades ($2,500 and $1,500, respectively) compared with 2019.
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Home Renovation Spend Rises: Home renovation spend has grown 15% in the last year to a median $15,000. Higher-budget projects (with the top 10% of project spend) saw an increase from $85,000 or more in 2020, compared with $80,000 in the two years prior.
Credit Card Usage Declines: While cash remains the leading form of payment for home renovations (83%), the share of homeowners opting to finance their projects with credit cards fell significantly to 29% (from 37% in 2019). Tax refunds gained popularity among renovating homeowners as a payment source in 2020 (10%), especially when funding small projects up to $5,000.
Homes Get Smarter: Smart home technology purchases continue to rise in popularity, with streaming-media players and TVs experiencing the greatest increases (14% and 12%, respectively) compared with 2019 (10% and 7%, respectively). A larger share of renovating homeowners purchased smart technology products, including security cameras, light fixtures and speakers or sound systems (19%, 7% and 3%, respectively), for their outdoor spaces than in the previous year.
Homeowners Invest In Large Kitchens: Kitchen projects are the most popular among renovating homeowners, and while median spend has been flat on these projects for the past three years, investment on major remodels of large kitchens jumped 14% to $40,000 in 2020 compared with $35,000 in 2019.
Gen Xers Step Up Spend: While Baby Boomers (ages 55-74) have historically led in renovation spend, Gen Xers (ages 40-54) narrowed the gap in 2020. Median spend for Baby Boomers remained flat at $15,000, while Gen Xers increased their median spend to $14,000 (from $12,000 in 2019).
Outdoor Projects Heat Up: Outdoor areas have increased in popularity since 2018, with 2020 showing a jump of 6 percentage points (57%) among renovating homeowners. Improvements to outdoor spaces were directed towards the grounds with beds or borders and lawns seeing significant growth in popularity (35% and 20%, respectively). Exterior upgrades, such as decks and porches or balconies, also increased in popularity in 2020 (14% and 12%, respectively), with homeowners investing 25% more in deck and porch upgrades ($2,500 and $1,500, respectively) compared with 2019.
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See Related Stories: