Houzz released its survey findings of residential remodeling, building and decorating activity from 2022, with predictions for 2023. With 46,000 respondents in the U.S. from December 2022-February 2023, Houzz & Home found that homeowners are renovating for the long run.
More than three in five homeowners (61%) stated that they plan to stay in their home for 11 years or more following their renovation in 2022. Additionally, the share of homeowners undertaking renovations with a plan to sell their home soon has declined by half since 2018 (6% this year compared with 12% in 2018).
While homeowners hired specialty service providers most frequently in 2022 (46%), construction professionals — such as general contractors and kitchen or bathroom remodelers — came in a close second (44%). The share of homeowners who relied on construction pros grew by six percentage points (from 38% in 2021), as did the share relying on design-related pros (growing from 20% in 2021 to 26% in 2022).
As the median home age in the U.S. continues to increase, homeowners are focusing on home system improvements. Nearly three in 10 homeowners upgraded plumbing in 2022, with electrical and home automation close behind (29%, 28% and 25%, respectively). Electrical upgrades gained four percentage points in 2022 after remaining stable at 24% for the previous two years. Among typical home system upgrades, cooling and heating systems commanded the two highest median spends in 2022 ($5,500 and $5,000, respectively), and are undertaken by more than one in five renovating homeowners.
Renovation activity is continuing in 2023, with more than half of homeowners planning projects this year, and with an anticipated average spend of $15,000 or $85,000 for higher- budget projects. Following two strong years, though, according to 2023 Houzz U.S. State of the Industry, many home remodeling and design professionals are expected slowed growth this year.
View the full report here.
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