Houzz report reveals renovation spending increased by 22% in 2016

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www.houzz.com

Earlier this month, Houzz released its 2017 Houzz and Home survey which reported that first-time homeowners are spending more than ever on home renovation projects.

May 4th marked the release of the sixth annual Houzz & Home survey of more than 100,000 respondents in the U.S. The report states that renovators who bought their first home in 2016 spent $33,800 on average, 22 percent more than in 2015. Baby Boomers and older generations (55+) continue to spend roughly three times more than Millennial homeowners (25-34), however, Millennials invested an average of $26,200 in 2016, seven percent more than they spent in 2015. Investment in home renovation overall remains strong as homeowners spent $60,400 on average on 2016 renovations, in line with 2015 ($59,800 on average).

This year is on track to be another boom year for home renovations, according to Houzz. Over half of the homeowners on the social platform are planning to begin or continue renovations in 2017, they plan to spend an average of $27,300 on their home in 2017, a four percent increase from planned spend in 2016 ($26,400).

Both first-time and repeat buyers are also taking on large scope projects, remodeling nearly four rooms at the same time, on average. Scope is slightly smaller for long-time homeowners, who average 2.5 rooms during renovation and/or addition projects. Kitchens and bathrooms, which continue to command the lion’s share of renovation spend, are significantly more likely to be renovated than any other room of the home.

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