If you own a home, you know that there are few things more exciting than embarking on a remodeling project. Of course, it takes a lot of hard work and can become quite costly. So before you start your latest project to create the perfect kitchen unit, take a read through the following home remodeling statistics and facts.
In this article, you’ll find some interesting info on home improvement projects. For example, we’ll give you all the details on home improvement in America, some insight into the home improvement industry, and some interesting facts on DIY and home remodeling.
Right, it’s time to dive right into these 25 facts and stats about home improvement to get you in the mood for some DIY!
Top 10 Home Remodeling Facts and Stats
- In 2018, remodeling a kitchen cost, on average, around $14,000.
- In the United States, most houses need remodeling and improvement because around 80% of them are at least 20 years old.
- More than 50% of houses in the US were built before 1980.
- Single people are less likely to make home improvements than married people.
- Sales from hardware stores in 2018 in the US amounted to $49.7 billion.
- DIY sales from lumber yards in the US amounted to $103.6 billion in 2019.
- Home Depot alone made around $97.3 billion in sales in 2018.
- In 2018, 21.1% of worker deaths in private industries occurred in the construction industry.
- Revenue growth among larger remodeling businesses was at around 5.2% per year between 2010 and 2013.
- The global market for home improvement was worth more than $800 billion in 2018.
Home Improvement in the United States: Statistics and Facts
In this section, we‘ll be looking at the United States in particular. We’ll be discussing facts and statistics to do with home remodeling in the country.
1. In 2018, baby boomers and Generation X-ers made up 81% of all homeowners who were renovating.
(Houzz & Home)
A further 14% of homeowners who were renovating were millennials, and around 0.3% were Generation Z homeowners.
2. In 2018, finding the applicable service providers was among the top challenges facing homeowners who were renovating.
(Houzz & Home)
Other challenges included keeping to the budget they’d set, sourcing the correct products, facing unexpected issues, keeping to a schedule, financing the renovation, educating themselves, and choosing style details.
3. In 2018, remodeling a kitchen cost, on average, around $14,000.
(Houzz & Home)
Existing home remodeling statistics show that the kitchen remains the most popular and expensive room in the home to renovate or remodel. This is no doubt because of all the fittings, utilities, and equipment that require upgrading.
4. In the United States, most houses need remodeling and improvement because around 80% of them are at least 20 years old.
(Forbes)
Furthermore, around 40% of the 137 million homes in the country are about 50 years old or older. This means their looks likely need updating and the existing infrastructure needs work.
5. Home renovation statistics inform us that more than 50% of houses in the US were built before 1980.
(NAHB)
In addition to this information, we also know that around 38% of the total number of houses were built before 1970, which means that between 1970 and 1980, around 12% or more US houses were built. The home renovation statistics from before 2022 give us a good idea of how old most American houses are.
6. For homeowners who want to save on insurance, there are five remodeling projects to consider.
(Consumer Reports)
The five projects include putting in an alarm system; updating the heating, plumbing, and electrical units; putting in a new roof; installing gas and smoke sensors; and, finally, installing a generator. All of these will help with reducing your home insurance premiums.
7. According to 2013’s home remodeling industry statistics, the most popular improvement projects were exterior replacements, which accounted for 20.3% of improvements.
(JCHS of Harvard University)
System upgrades were the second most popular, accounting for 15.7% of improvements. General property improvements were the third most popular and accounted for 13.7% of improvements.
8. Single people are less likely to make home improvements than married people.
(JCHS of Harvard University)
This home remodeling fact is from 2013, and it looks like married couples with children between the ages of 55 and 64 spend the most on home improvements.
9. In 2013, home improvement industry trends showed that younger homeowners were more likely to make DIY improvements on their homes.
(JCHS of Harvard University)
34% of all DIY home improvements were done by homeowners under the age of 34. 21% were done by people between the ages of 35 and 44, 18% were done by those between the ages of 45 and 54, and 14% were done by people between the ages of 55 and 64.
10. In Miami, home remodeling statistics show that this metro area was one of the top five that saw an increase in home improvement in 2019.
(HousingWire)
The other four cities are Philadelphia, Washington DC, Los Angeles, and Chicago.
11. From 2012 to 2013, more than 50% of the lowest-earning homeowners still managed to make one or more improvements to their homes.
(JCHS of Harvard University)
Home remodeling data shows that these people spent around 4.4% of their earnings on home improvement, whereas homeowners who earn the most only spent around 1.5% of their total income on improving their homes.
Home Improvement Industry Statistics
Here, we’ll be focusing on the home improvement industry as a whole.
12. Sales from hardware stores in 2018 in the US amounted to $49.7 billion.
(Statista)
Furthermore, sales from home centers in 2018 in the United States amounted to around $244 billion. This is only a section of the home renovations market.
13. DIY sales from lumber yards in the US amounted to $103.6 billion in 2019.
(Statista)
If you take into account all the different types of stores selling DIY products, these sales amounted to around $407.1 billion. This shows a portion of home improvement revenue.
14. Home Depot alone made around $97.3 billion in sales in 2018.
(Statista)
This impressive number was achieved by just one of the top-ranking DIY retailers in the United States in one year. Home Depot is one of the most popular hardware stores in the United States.
15. Fun fact about home improvement: Ace Hardware had the highest customer satisfaction score of all DIY home improvement stores.
(Statista)
They were rated 840 out of 1,000 in customer satisfaction in 2019. Other highly ranked companies in this category were Menards, Lowe’s, and Home Depot.
16. In 2018, 21.1% of worker deaths in private industries occurred in the construction industry.
(US Department of Labor)
There were 4,779 deaths among those working in the private sector. This works out to around 1,008 construction-related deaths in the US in that year.
17. There are four leading causes of death in the construction industry.
(US Department of Labor)
These four include fatal falls, being hit by objects, being caught between objects or structures, and electrocution, according to construction industry and home improvement injury statistics.
18. Revenue growth among larger remodeling businesses was at around 5.2% per year between 2010 and 2013.
(JCHS of Harvard University)
This is even larger than during the housing boom that happened between 2004 and 2007, when growth per year was at around 4.6%.
19. Smart homes will be a big part of the future of home improvement, with the global smart home market predicted to be worth around $53.5 billion in 2022.
(Statista)
By 2023, worldwide revenue for the smart home security market alone is expected to be about $31 billion.
Home Improvement Spending Statistics
How much do people spend on home improvement? In this section, we’ll be exploring the amount of money used when it comes to home remodeling.
20. The global market for home improvement was worth more than $800 billion in 2018.
(Global Market Insights)
It was expected to grow in the following years—previously projected to climb at a CAGR of 4.5%. However, the market might have taken a dip in 2020 due to current circumstances, according to home improvement market research.
21. In 2015, the remodeling market was worth around $300 billion.
(JCHS of Harvard University)
Furthermore, it’s anticipated that by 2024, it will register at more than $5 trillion, according to home remodeling statistics.
22. Spending on home improvement is growing at twice the rate of all the other categories of retail.
(Forbes)
Home improvement is becoming increasingly popular, and people seem willing to spend quite a bit on renovations and remodels, according to home improvement industry analysis.
23. In the UK, it was predicted that an estimated £55.5 billion would be spent on DIY in 2020.
(Build Review)
In US dollars, that works out to around $69.27 billion. However, with much of the world on lockdown in 2020 due to the novel coronavirus, we may find that the home remodeling statistics for 2020 are very different from what was expected.
24. In 2013, improvement spending on renovations and remodeling by homeowners was around $192 billion in the US.
(JCHS of Harvard University)
The improvements included interior and exterior replacements, system upgrades, kitchen remodels, disaster repairs, and more.
25. Private sector construction spending in 2019 was estimated to be around $977 billion.
(Statista)
This didn’t vary by much compared to the previous year, which reached $1 trillion.
Conclusion
We hope you’ve found these 25 home remodeling statistics leading up to 2022 helpful and interesting. You should now have a more in-depth knowledge of the home remodeling industry, the costs involved, and even some fun industry facts. When it’s time to start your own remodeling project, you should be more than prepared.
FAQ
How much do Americans spend on home improvement?
(Statista)
The amount the average American spends on home refurbishment, exterior home renovation, and other home renovation projects is on the rise. In 2018, they spent around $7,560 on home improvement endeavors. This was up $900 from the previous year.
Home improvement projects can be anything from a kitchen remodel to a bathroom renovation. These also include security system upgrades and appliance updates.
How big is the home improvement market?
(Global Market Insights)
Worldwide, the size of the home improvement market in 2018 was worth around $800 billion. It’s expected to grow even more in the next few years, with a 4.5% CAGR at least until 2025.
How much does the average American spend on house maintenance?
(Millionacres)
According to DIY industry statistics from 2018, the average homeowner in the United States spends around $1,105 a year on house maintenance. An additional $416 is spent on emergencies around the home, which can include urgent maintenance projects.
What is the most popular home improvement project?
(Realtor Magazine)
Kitchen renovations are the most popular home improvement. This is likely because there’s a lot to do in the kitchen, with so many appliances and features to update and upgrade as the years go on.
Home remodeling statistics show that other popular home improvements outside remodeling the entire house are bathroom renovations, adding bedrooms or rooms, replacing doors or windows, building decks, doing repairs, finishing basements, and fixing or replacing roofing.
Sources:
- Build Review
- Consumer Reports
- Forbes
- Global Market Insights
- HousingWire
- Houzz & Home
- Joint Center for Housing Studies of Harvard University
- Joint Center for Housing Studies of Harvard University
- Millionacres
- National Association of Home Builders
- Realtor Magazine
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- United States Department of Labor
