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.
Share of homeowners who used different funding sources for home renovation in the United States in 2023, by generation
Generational categories are based on Pew Research Center’s age ranges: Gen Z (18 to 24), millennials (25 to 39), Gen Xers (40-54), baby boomers (55 to 74) and Seniors (75+).
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Houzz. (March 27, 2024). Share of homeowners who used different funding sources for home renovation in the United States in 2023, by generation [Graph]. In Statista. Retrieved December 21, 2024, from https://www.statista.com/statistics/1409385/us-funding-sources-for-home-renovation-by-generation/
Houzz. "Share of homeowners who used different funding sources for home renovation in the United States in 2023, by generation." Chart. March 27, 2024. Statista. Accessed December 21, 2024. https://www.statista.com/statistics/1409385/us-funding-sources-for-home-renovation-by-generation/
Houzz. (2024). Share of homeowners who used different funding sources for home renovation in the United States in 2023, by generation. Statista. Statista Inc.. Accessed: December 21, 2024. https://www.statista.com/statistics/1409385/us-funding-sources-for-home-renovation-by-generation/
Houzz. "Share of Homeowners Who Used Different Funding Sources for Home Renovation in The United States in 2023, by Generation." Statista, Statista Inc., 27 Mar 2024, https://www.statista.com/statistics/1409385/us-funding-sources-for-home-renovation-by-generation/
Houzz, Share of homeowners who used different funding sources for home renovation in the United States in 2023, by generation Statista, https://www.statista.com/statistics/1409385/us-funding-sources-for-home-renovation-by-generation/ (last visited December 21, 2024)
Share of homeowners who used different funding sources for home renovation in the United States in 2023, by generation [Graph], Houzz, March 27, 2024. [Online]. Available: https://www.statista.com/statistics/1409385/us-funding-sources-for-home-renovation-by-generation/
