Home and Large Kitchen Renovation Spending on the Rise
Jul 31, 2021
Home renovations are a great way to make your home better. Many people consider the value of their home if they sell it and move. However, home renovation can help to make a home better for you while you’re still living there as well. According to the 2021 Houzz and Home report, which is an overview of home renovations in both 2020 and 2021, spending on home renovations has increased in the past few years. Specifically, money spent on large kitchen investments has risen by 14% from 2019 to 2021.
- More homeowners hired professional help for home renovations in 2020 than in previous years.
- Backsplash and tiling for walls rose in popularity in 2020 with material spend rising 28% compared to previous years.
- Gen Xers and Baby Boomers spent the most on home renovations compared to other demographic groups.
Increase in Specialist and Professional Hiring
Home renovations can be a lot of work. Some people prefer to do the renovations themselves and, if done right, these DIY projects can turn out very well. However, most people aren’t professionals and may quickly be out of their depth in a home renovation project. As of 2020, according to the Houzz and Home report, the hiring of specialists and professionals to renovate homes increased across the board.
Hiring a professional to remodel a kitchen or a bathroom was up by 6%. Additionally, 11% more people hired professionals for their carpeting and flooring renovation needs. Homeowners were also hiring tile, stone, and countertop professionals 8% more than before and cabinetry specialists 6% more than in years prior.
Increase in Home Renovations Materials Spending
People renovating their homes also spent more on the materials for the renovations in 2020 than they had in the past. According to the 2020 Houzz & Home report, spending was on the rise across a wide range of materials, from paint to solar panels. When it comes to flooring, in particular, homeowners spent 14% more on carpeting and 38% more on flooring that wasn’t carpet, including tile, wood, vinyl, and laminate flooring. Homeowners also spent more on tile for backsplashes and walls, up 28% from previous years.
Who Is Renovating Their Homes?
Although spending on home renovations increased across the board, with the exception of Millennials, it was Gen X and Baby Boomers who spent the most. Seniors spent less total, but still more than in the past. Millennials were the only demographic who did not increase their spending on home renovations in 2020.
Need to Browse Material For Your Next Project?
Check out our selection of flooring materials, from affordable to luxury.Browse Our Selection