Home renovation funding sources in the U.S. 2023, by generation
Cash from savings was the most common source of funding for home renovations among American homeowners in 2023. About 86 percent of millennials used savings to renovate their home, while among seniors this share was 82 percent. Another highly popular option was credit cards. Millennials were most likely to fund their home renovation project with credit card debt, with 43 percent choosing this option.