Homeownership is not just another major investment. It’s one of the biggest investments you’ll ever make. With homeownership comes some repairs and remodels.
Although it’s costly and hard work, home remodeling is exciting and satisfying—many select to remodel their homes, seen in home remodeling statistics.
Before starting your next project, here are some essential home remodeling statistics for all homeowners.
The following information will include essential and interesting facts and figures regarding home improvement projects based on statistical evidence.
This information is intended to help you with this data to be better prepared to make informed decisions about home remodeling and DIY projects.
Let’s look at these key home remodeling statistics and facts first.
Key Home Remodeling Statistics in 2023
- About 80% of houses in the United States are at least 20 years old, therefore they require home improvements and remodeling.
- In 2018, kitchen remodeling costs came to an average of $14,000.
- Over 50% of homes in the United States were built prior to 1980.
- In 2018, sales from United States hardware stores amounted to $49.7 billion.
- Home Depot took in about $97.3 billion in revenue sales in 2018.
- Do-It-Yourself lumberyards across the United States amassed revenues of $103.6 billion in 2019.
- Married couples are more likely to make home improvements than single people.
- 21.1% of worker deaths in the private sector happened in construction venues in 2018.
- Between 2010 and 2013, large remodeling businesses saw revenue growth of about 5.2%.
- Home improvement in the global market was valued at over $800 billion in 2018.
Facts and Statistics for Home Improvement in the United States
This section will address stats and facts of the home improvement industry exclusive to the United States.
1. In 2018, Kitchen Remodeling Costs Came to An Average of $14,000.
The facts and home remodeling statistics show that kitchens tend to be the most popular remodeling projects in the United States.
Kitchen remodels also the most expensive of home remodeling projects compared to other rooms in a house.
This is likely due to the kitchen equipment, cabinetry, fittings, appliances, and general utilities involved in kitchen renovations.
2. Over 50% of Homes in The United States Were Built Prior to 1980.
Home remodeling statistics like this one show us how old American housing is and why they need updating and remodeling.
Other than 50% of American homes being built before 1980, about 38% of homes in the United States were built before 1970.
Therefore, about 12% of houses were built between the 1970s and 1980s.
3. Gen Xers (40-54) and Baby Boomers (55-74) Combined Made up 81% of The Homeowners Remodeling and Renovating in 2018.
According to home remodeling statistics, around 14% of millennial (25-39) homeowners were doing home renovations at a median expenditure of $10,000.
Gen Zers (18-24) only made up 3% of the home renovation market at the lowest expenditure of $7,000.
4. In 2018, the Biggest Challenges for Homeowners Looking to Remodel Related to Finding Relevant Services.
Consequently, other difficulties faced by homeowners in 2018 related to sticking to their budget, encountering unexpected obstacles, staying on schedule, sourcing the proper products, choosing styles, financing the remodel, and educating themselves.
5. About 80% of Houses in The United States Are at Least 20 Years Old, Therefore They Require Home Improvements and Remodeling.
We already discussed that over 50% of houses in the United States were built before 1980.
Another statistic related to the age of homes in the United States is the data regarding 80% of homes being at least 20 years old.
It’s no wonder that so many homes require home improvements, remodels, and upgrades.
Also, about 40% of America’s 137 million houses are 50 years old or older, furthering the need to update, upgrade, and renovate these homes.
6. Between 2012 and 2013, Over 50% of Homeowners with Low Incomes Managed to Make at Least One Home Improvement.
It takes good old American ingenuity for people with low incomes to invest in home improvement. Low-earning homeowners spend about 4.4% of their income on home renovations.
Homeowners with higher incomes only spent about 1.5% of their earnings on home improvements.
7. Homeowners Can Save on Home Insurance in The United States by Making Five Updates to Their Homes.
Home improvements involve some updating or upgrading of certain elements of a house.
The five projects that can save homeowners money on their home insurance coverage include replacing the roof, installing smoke sensors, putting in gas lines, installing a generator, and updating their plumbing, electrical, and heating systems.
8. Married Couples Are More Likely to Make Home Improvements than Single People.
Data from 2013 suggests that married homeowners with children between the ages of 55 and 64 have the highest expenditure rates for home remodels.
They spend the most money on renovations. This doesn’t mean that single people don’t remodel their homes. It simply means it’s more prevalent in married couples.
9. Exterior Replacements Made up 20.3% of Home Improvements, According to Data from 2013.
Home remodeling statistics from 2013 submit that the most popular form of home improvement was an exterior replacement.
Upgrading home systems came in second place in home improvements, making up 15.7% of remodeling projects.
The third most popular home improvement projects were general property projects, accounting for 13.7% of home improvements.
10. In 2019, Miami Made the Top Five List for Metro Areas with Increases on Home Improvements.
According to home remodeling statistics, Miami ranked in the top five metro areas that experienced increased home remodeling projects.
The other four metro areas are Chicago, Philadelphia, Los Angeles, and Washington DC, not in any particular order.
11. Data Shows that In 2013, Younger Homeowners Were the Most Likely Demographic to Make Diy Home Improvements.
The data reports that homeowners performed 34% of home improvements in the United States under 34 years old.
Next were people between 35 and 44, making up 21% of home remodels. 18% of people between 45 and 54 years old did their own home renovations, and finally, 14% of DIY home improvements were made by people in the 55 to 64 age group.
Statistics for the Home Improvement Industry
In this section, we’ll look at the totality of the general home improvement industry.
12. Do-It-Yourself Lumberyards Across the United States Amassed Revenues of $103.6 Billion in 2019.
The DIY lumberyards sector isn’t the only market that profited from home improvement.
Taking all types of stores that sell DIY items, about $407.1 billion is the whole sector’s revenues. These numbers only account for the DIY market.
13. Between 2010 and 2013, Large Remodeling Businesses Saw Revenue Growth of About 5.2%.
This data is higher than the revenues during the housing boom from 2004 to 2007. Growth at that time was at 4.6%.
14. In 2018, Sales from United States Hardware Stores Amounted to $49.7 Billion.
You can see by the numbers that the home improvement industry doesn’t usually suffer. Besides this data from 2018, there is also the data regarding sales from overall home centers in the United States.
That number is $244 billion in revenue. Hardware stores are only a portion of the home improvement market.
15. Home Depot Took in About $97.3 Billion in Revenue Sales in 2018.
Home Depot could almost be its own major market, with a share of revenues in the home remodeling market. Imagine what its competitors added to the revenues in home improvement.
Home Depot is only one of many hardware stores in the United States. It also happens to be the most popular.
16. Ace Hardware Managed to Achieve the Highest Level of Customer Satisfaction of All the Diy Home Improvement Venues.
Interestingly enough, according to home remodeling statistics, Ace Hardware managed to get the highest rankings from customers for their customer service in 2019.
This rating was 840 out of 1,000 in customer satisfaction. While Home Depot, Lowe’s, and Menards got high rankings, Ace Hardware beat them all.
17. Smart Homes Are Set to Become a Major Part of The Future of The Home Improvement Sector.
The global smart home market is expected to amass a value of about $53.5 billion in 2022.
It’s predicted that the global revenue for the smart home security systems market specifically will come to around $31 billion by 2023.
18. 21.1% of Worker Deaths in The Private Sector Happened in Construction Venues in 2018.
The U.S. Department of Labor reported 4,779 deaths within the private sector. The number of deaths in the construction industry came to about 1,008 in 2018.
19. In The Construction Industry, There Are Reportedly Four Main Causes of Death.
The US Department of Labor also reported four primary causes of death in the construction and home improvement industry.
These four causes include electrocution, fatal falls, getting hit by objects, and getting stuck between structures or objects on the job.
Spending Statistics in the Home Improvement Market
This section will discuss how much people spend on home remodeling projects.
20. The 2015 Home Remodeling Market Statistics Reported that The Market Was Worth About $300 Billion.
These numbers seem big, but the numbers for 2024 in the home renovation sector are expected to be $5 trillion. That’s a lot of remodeling across the globe.
21. Home Improvement in The Global Market Was Valued at Over $800 Billion in 2018.
Since the market took a dip in 2020 due to the pandemic (likely), growth expectations will be somewhat altered.
Although the global home improvement market growth was expected to climb at a Compound Annual Growth Rate (CAGR) of 4.5% from 2018 to 2020, things happened in 2019 and 2020 to deter that growth.
22. For 2020, It Was Expected that Around £55.5 Billion Would Be Spent in The United Kingdom on DIY.
ACCORDING TO HOME REMODELING STATISTICS, in USD (US dollars), this amount would be about $69.27 billion. Due to the pandemic and the world in lockdown mode in 2020, the home remodeling data is different from what was expected.
23. The Construction Private Sector Spending in 2019 Was Estimated to Be About $977 Billion.
This data didn’t get altered by much compared to the year before when the spending reached $1 trillion.
24. The Spending in The Home Improvement Industry Is Developing at Twice the Rate of All Other Retail Venues and Categories.
It seems that home remodeling has become substantially popular enough that homeowners are eager to spend a lot on home renovations and improvements.
25. Spending for Home Renovations in 2013 Amounted to $192 Billion Across the United States.
This amount accounted for the most popular home remodels and renovations such as disaster repairs, interior, and exterior updates and replacements, kitchen remodels, system upgrades, and other home improvement projects.
Bonus Home Remodeling Stats and Facts
Here are a few extra stats and facts about home remodeling that might interest you.
Smart Security and Other Smart Home Technology Is on The Rise.
Security installations, updates, and upgrades are on the rise among American homeowners. According to home remodeling statistics, the median amount spent in 2018 on home security was $500.
Millennials seem to easily embrace and adopt the idea of smart home technology, making them the top age group in the market, at 24%.
Baby Boomers are at 15% for adapting to smart home technology in their home remodeling projects. Baby Boomers are most likely to prioritize their tastes in smart home tech by investing in smart thermostats.
Home Remodeling Projects and Percentages
Since this data is all about home remodeling statistics, we have this little data section for you to throw in this bonus data for the percentages on projects from the most popular down.
- Kitchen – 81%
- Bathroom – 80%
- Whole-House – 53%
- Room Additions – 45%
- Doors and Windows Replacements – 36%
- Basement Remodel – 27%
- Property Repair – 27%
- Decks – 25%
- Bathroom Additions – 24%
- Roof – 23%
- Porch Additions – 23%
- Handyman Services – 22%
- Siding – 19%
- Story Additions – 16%
- Garage – 12%
- Historic Preservation – 9%
- Attic Remodel – 7%
Home Remodel Statistics: Conclusion
If you were on the fence about remodeling, this home remodeling statistics and data should be helpful to you.
You now know more about the home renovations market, costs, the most popular home improvements and remodels, and some interesting and unique facts about the industry.
Deciding to remodel your home requires planning, so data like this is useful in that planning phase.
You have an idea now about costs and what to expect regarding mistakes that others have made.
Now you can be more prepared than before reading this information about essential home remodeling statistics.
Is the Home Improvement Market Big?
Looking at the home improvement market at the global level, which was worth about $800 billion just in 2018, yes.
The home improvement market is bigger than big. It’s huge and expected to get bigger over the next few years into 2025.
Do Americans Spend a Lot of Money on Home Remodels?
The 2018 data shows that the average American spends about $7,560 on home remodeling projects. That number was up by $900 from 2017.
The amount that Americans spend on home renovations continues to rise as they remodel their kitchens, replace exterior or interior items, upgrade and update their appliances, flooring, fixtures, and other renovations like add-ons.
What Is the Most Popular Kind of Home Remodeling Project?
As it has been for several years, kitchen remodels are the most popular type of home improvement.
The reason behind this is that the appliances, fixtures, and other items in the kitchen require updating and regrading every few years.
What Is the Average Amount that Americans Spend on Home Maintenance?
2018 statistics from the DIY industry suggest that the average American homeowner spends approximately $1,105 annually in home maintenance costs.
Emergency repairs can come to another $416 per year, including any urgent maintenance.
Expectations for Home Remodeling in 2023
Home remodeling spending is expected to grow by 9% in 2020. There are indicators for strong growth in 2022 in the home remodeling sector.
After being in lockdown since 2020, people are now ready to go ahead with home renovation projects they put off during that time. It all makes sense with the resurgence of new home construction that is currently on the rise.
Home Remodeling Trends You’ll Likely See This Year
If you’re considering a home remodel this year, these 10 home remodeling trends may help you brainstorm.
1. Home Office Additions and Remodeling
Since the pandemic, more people have been working remotely. Whether they are employed by a company, an independent contractor, or a freelancer, the home office remodel is trending.
2. Outdoor Space Renovations
After being in lockdown for so long, most people feel the need for some outdoor time.
Therefore, you will be seeing many outdoor home remodeling projects in the coming year. Whether you choose an enclosed patio, an orangery, or a wide-open porch, outdoor home remodels are trending in 2022.
3. Technology Installations and Upgrades
As mentioned in the statistical data, there will be an uptake of in-home technology improvements. 2022 will be the year of big technical advancements, which will expand to the home remodeling market.
Home security systems, connected appliances, networked control hubs, and energy-saving technology you can control from your smartphone will see growth this year.
4. More Texture
The days of flat drywall surfaces will go by the wayside this year. Perhaps this is because everyone has spent time in quarantine or lockdown since 2020.
It could also be because people want more texture to their walls for a more interesting and updated appeal.
5. Bold Wallpaper and Paint
While the bold wallpaper ideal is likely to be bigger than colorful paint, people will be updating their homes with bold colors and designs.
Again, it could be from being stuck in their homes that prompts this trend.
Today’s homeowners seem to desire to show off their personalities by adding that splash of unique color, design, and style to their walls.
6. Side Hustle Space
Since side hustles have become a trending thing during the pandemic, homeowners now want space for their side hustles.
This trend mostly comes from Millennials and Gen Zers, who tend to have a strong entrepreneurial mindset.
Since making trendy videos plays a major role inside hustles, there will be a lot of creativity going into these side hustle spaces.
7. Literally Going Green
Another trending home remodeling ideal comes in the form of going green. This is not just about Eco-friendly solutions but also the addition of greenery inside the home.
This year, there will be more natural and organic cabinets and furnishings going into homes.
Another benefit of going green like this is that you can add plants that will increase the oxygen levels while also cleaning the air in your home.
8 Natural Light and Nature
Being cooped up for a couple of years brings out the desire for more natural light and connection to nature.
There will likely be many window home remodels to replace conventional windows with bigger ones. Larger windows bring you closer to nature and allow more natural light into the home.
9 Durable Countertops
With people still staying home more now, they are also cleaning more. This will see an uptake in more durable surfaces like countertops that can handle the cleaning and scrubbing.
However, being durable doesn’t mean you must sacrifice style and beauty.
10 Safety Features
More than likely, you can expect to see home remodels that include many new safety features.
This is not about security technology, which was already addressed, but more about protection from viruses and germs.
The pandemic has made some homeowners are leery of germs and pathogens, so there will be more filtration systems and features that clean the air in the home.