Remodeling expenditure in the United States amounted to 418 billion U.S. dollars in the third quarter of 2022 and is set to reach 445 billion U.S. dollars by the third quarter of 2023. This upward trend has been in place since 2015 but is expected to slow down in 2023.
Why do homeowners invest in home improvement?
Homeowners undertake home improvement projects for a variety of reasons, such as to increase value before sale, to improve the energy efficiency of their home, or to repair and upgrade their newly purchased, but older home. In 2019, Gen Z and Millennial home sellers were much more likely to make home improvements before selling than their older counterparts. Approximately one quarter of homeowners who renovated in 2020 did so because they wanted to customize a recently bought house.
How are they financing these projects?
In 2020, most homeowners funded their renovations with cash from their savings, whereas three percent used an unsecured loan to do so. This indicates that home improvements are important enough for many Americans to prioritize saving for such projects.
Value of homeowner improvements and repair expenditure in the United States from Q1 2015 to Q3 2022 with forecast for 2023
(in billion U.S. dollars)
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Joint Center for Housing Studies. (October 20, 2022). Value of homeowner improvements and repair expenditure in the United States from Q1 2015 to Q3 2022 with forecast for 2023 (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/890264/homeowner-renovation-expenditure-usa/
Joint Center for Housing Studies. "Value of homeowner improvements and repair expenditure in the United States from Q1 2015 to Q3 2022 with forecast for 2023 (in billion U.S. dollars)." Chart. October 20, 2022. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/890264/homeowner-renovation-expenditure-usa/
Joint Center for Housing Studies. (2022). Value of homeowner improvements and repair expenditure in the United States from Q1 2015 to Q3 2022 with forecast for 2023 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/890264/homeowner-renovation-expenditure-usa/
Joint Center for Housing Studies. "Value of Homeowner Improvements and Repair Expenditure in The United States from Q1 2015 to Q3 2022 with Forecast for 2023 (in Billion U.S. Dollars)." Statista, Statista Inc., 20 Oct 2022, https://www.statista.com/statistics/890264/homeowner-renovation-expenditure-usa/
Joint Center for Housing Studies, Value of homeowner improvements and repair expenditure in the United States from Q1 2015 to Q3 2022 with forecast for 2023 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/890264/homeowner-renovation-expenditure-usa/ (last visited November 21, 2024)
Value of homeowner improvements and repair expenditure in the United States from Q1 2015 to Q3 2022 with forecast for 2023 (in billion U.S. dollars) [Graph], Joint Center for Housing Studies, October 20, 2022. [Online]. Available: https://www.statista.com/statistics/890264/homeowner-renovation-expenditure-usa/
