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Millennial Homeowners Remodel More Often Than Gen Xers And Boomers, And 32 Other Home Improvement Stats
The kitchen of a spacious apartment is undergoing renovation.
Home remodeling statistics are available. Surveys over the past few years reveal the latest home improvement trends and projects homeowners have undertaken post-pandemic. today’s homeowner created a list based on general home improvement statistics, industry market trends by store and generation, and the most popular remodeling projects to create a picture of the most important takeaways from 2021 and 2022.
Home Remodeling Statistics
– The median age of a household in the US is 39 years.
– More than 50% of the houses in the United States they were built before 1980.
– 55% of the owners reported having renovated a part of his house last year.
– It was estimated that Americans spend $427 billion in home improvement projects in 2022.
– Kitchen renovations and bathroom renovations are the most popular home improvements Projects
– 80% of the owners you exceeded your 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 more than $620 billion in 2025.
– Making the house more ecological was the less common reason for a home improvement project during the pandemic.
– Owners feel the greater joy when painting your house of all interior projects.
– 60% of people specifically started a DIY home improvement project in 2022.
– Achieved do-it-yourself remodel sawmill sales nearly $138 billion.
– Older millennials do the most renovations to their homes.
– 93% of owners they felt they had a better quality of life after completing their renovations.
– Exterior Home Remodels may cost more than interior projects.
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Home Remodeling Industry Trends
A data table showing the most popular renovated rooms in the home. 27% of people renovated their bathroom; 23% their kitchen; 20% your living room; 18% your master bedroom; and 8% the basement.
Due to the pandemic, more Americans stayed home, prompting changes in housing and lifestyle decisions, resulting in massive remodeling and repair spending in 2020 and 2021. Interest rates for homebuyers Housing prices were also the lowest they had ever been, prompting 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 more than 4%resulting in a market value of $3 trillion by 2027.
– Owners spent $337 billion in new home improvements and repairs in 2020, $368 billion in 2021, and an estimated $427 billion in 2022.
– 60% of the owners did not use a contractor for its home remodeling projects in 2022.
– In 2021, paint and wallpaper store sales in the United States reached approximately $15 billion.
– Sale to dealers of construction materials, garden equipment and supplies up $60 billion in 2021 compared to the previous year.
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Home improvement store statistics
A bar chart showing the top home improvement chains in 2022 by customer satisfaction.
The US home improvement industry has grown tremendously in recent years, and homeowners continue to shop at key hardware and retail stores for their home renovation projects.
– The first four leading home improvement stores They are Ace Hardware, Menards, Lowes, and The Home Depot.
– The Home Depot is No. 1 leading and largest home improvement store in the U.S.
– In 2021, The Home Depot reached more US$151 billion in net sales world.
Home remodeling by generation
Researchers continue to learn more about the types of people who renovate their homes, home improvement spending, and the demographics of new remodelers.
– Millennials follow renovate their houses to the maximumfollowed by generation X and baby boomers.
– couples with children they were more likely to spend and undertake home improvement projects than single people.
– older owners they only spend 15% of their home improvement budgets on home DIY projects.
– 69% of owners they feel a great sense of accomplishment after they have completed their project.
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Types of home remodeling projects.
A bar chart showing the 10 highest cost recovered home remodeling projects, including: garage door replacement, wood window replacement, screened-in porch addition, fiber cement siding replacement, siding replacement vinyl, vinyl window replacement, in-ground pool, composite deck addition, concrete backyard, and wood deck addition.
The study revealed that specific remodeling activity offered a better return on investment, with homeowners preferring to remodel certain parts of the home over others.
– Reforms of kitchens and bathrooms carried out 50% of home remodeling projects in 2022.
– Kitchen remodels are most expensive home improvement project in American homes.
– The average cost recovered per foreign projects is 23% higher than the interiors.
– On average, remodeling projects have a 69% ROIwith a garage door replacement ranked best for ROI.
– 60% of the owners you did not use a general contractor for your home improvement project.
This story originally appeared on today’s homeowner and has been independently reviewed to meet journalistic standards.
