The median spend on home improvement projects decreased in 2019 relative to 2019 because of smaller average project scope, according to the ninth annual Houzz & Home Survey. Based on the responses of more than 87,000 Houzz users across the United States, Houzz determined the median spend decreased from $15,000 to $13,000. While the majority of homeowners spent more than $10,000 on renovations, the share of renovators spending fewer than $5,000 on a project increased in 2019. The baby boomer generation accounted for over half of the renovating homeowners in 2019 and had the highest median spend among all generations. After a spike in overall median kitchen remodel spend in 2018, levels returned to previous levels, according to Houzz, mirroring a drop in the overall number of major kitchen renovations recorded in 2019.
Overall, home renovation activity remained stable, with 54% of responding homeowners reporting a renovation project in 2019. The study, fielded between January 2 and March 5, 2020, before stay-at-home orders and the wider impacts of the coronavirus, found that planned renovation activity remained consistent with past years.
“Following significant growth in home renovation activity over the past few years, we’re seeing the market settle somewhat in terms of scope and spend,” Marine Sargsyan, Houzz senior economist, said in a news release. “That said, Baby Boomers, particularly those who have been in their homes for more than six years, are continuing to drive renovation activity and spend, bringing consistency to the market as they pursue projects that will allow them to age in place for the next decade or more.”
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