More than two in five (43%) Americans renovated their home in the last year and another 33% plan to renovate in the next year, according to a new survey from Redfin.
Roughly two-thirds (65%) of the homeowners surveyed by Redfin who recently renovated their properties chose to upgrade their current home instead of moving. For homeowners who are planning to renovate in the next year, 71% say they’re remodeling instead of buying a new place.
Redfin found that Gen Zers and millennial homeowners were more likely than their older counterparts to remodel instead of move, with 77% of each generation choosing to make improvements rather than moving in the last year. Those with childr3en living at home were also more likely than others to choose renovations.
Roughly one-quarter (23%) of people who renovated their home in the last year spent between $10,000 and $20,000 on improvements; the next-most common price tags were $1,000 to $5,000 (21% of recent renovators) and $5,000 to $10,000 (20%). A sizable share (16%) spent between $20,000 and $50,000 on renovations.
The most popular upgrade was painting (47%), followed by bathroom (43%) and kitchen (40%) improvements. About one in seven (15%) added features to make their homes more resilient to natural disasters such as flooding, wind, fire and/or heat.
“Many Americans are choosing to stay put and make the home they already have work for them,” said Chen Zhao, Redfin’s head of economics research. “That could mean improving outdated spaces, adding space for a growing family or reconfiguring the existing space so it works for everyone. Younger homeowners are especially likely to renovate instead of jumping to a different house; they’re earlier in their homeownership journey and more willing to invest in improvements to build equity. Those with kids living at home are often motivated to plant deeper roots where they are so they can stay in the same school district and community.”
The Redfin-commissioned survey was fielded by Ipsos last November, with 4,000 adults being polled.
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