44 New Home Improvement and Renovation Statistics for 2022

Posted by Ryan Fitzgerald on Tuesday, July 12th, 2022 at 4:34pm.

Home renovation tools and hard hat.

 

Over the past couple of years, people have been stuck at home. All that staring at the same walls has probably made many realize — it’s been a while since your home had a fresh coat of paint.

If you’re considering a home renovation, you might be looking for some insight on what other homeowners are doing. That’s why we’re rounding out some top home renovation statistics so you know what to expect from your next home improvement project

We’re covering home improvement, renovation, and remodeling topics so you’ve got all the information you need for your next project.

 

Table of Contents:

 

Home Improvement Statistics

So what can you learn from the home improvement industry? It’s great to do some research to discover the most popular projects and how much they cost. It seems like small-scale improvements like adding a glam room remain popular along with bigger projects like kitchen remodels.

Let’s take a look at what changes experts are predicting for the home improvement industry in 2022.

 

In 2022, 3% of homeowners stay under budget, 27% have no budget, 34% go over budget, and 36% stick to their budget.

 

  1. The home improvement market is expected to grow by $20.4 billion in the United States alone by the end of 2022. (Statista)

  2. By the end of 2025, it’s projected that home improvement sales will surpass $620 billion in the US. (Statista)

  3. The average monthly spending on private construction has been increasing since 2011. By the end of 2021, it reached $1,245.4 billion. (Statista)

  4. Surprisingly, most homeowners stick to their home improvement budgets in 2021 (36%). This is then followed by homeowners who went over budget (34%) and under budget (3%). 27% of homeowners had no budget at all for their projects. (Houzz & Home)

  5. Homeowners are expected to spend $19 billion more on home improvements and repairs in Q1 of 2022 compared to Q4 of 2021. This is the biggest difference between quarters since spending dropped between Q4 of 2018 and Q1 of 2019. (Statista)

  6. More than two-thirds of construction or design-related firms report that they expect 2022 to be a good or very good year for their business. (Houzz & Home)

  7. Across construction and design-related firms, 53–72% of firms expect product and material costs to increase. (Houzz & Home)

  8. While construction and design firms report an expected increase in the cost of business, they also expect to hire more employees. (Houzz & Home)

  9. Remodeling activity is expected to continue to increase in 2022 but at a slower rate compared to 2021. (NAHB)

  10. Home improvement and remodeling is expected to peak during Q3 of 2022 and then decrease entering 2023. (JCHS)

  11. Furniture and appliance ecommerce markets are expected to grow by 6.4% globally each year through 2025. (Statista)

  12. North Carolina is home to the most Google searches for the phrase “home improvement.” (Google Trends)

 

Home Renovation Statistics

Home renovations are smaller projects compared to home remodels. These are generally easier to DIY and less expensive than bigger projects, so they’re very popular among homeowners.

Let’s discuss some changes in the home renovation industry including trends and how many homeowners are choosing to DIY vs. hiring a professional.

 

50% of Americans pay $15,000 or more on their home renovation projects.

 

  1. Half of home renovators spend $15,000 or more on their projects (Houzz & Home)

  2. 55% of homeowners have plans to renovate their homes in 2022. (Houzz & Home)

  3. 20% of homeowners decided to install security systems while undergoing a home renovation. (Houzz & Home)

  4. Recent homeowners only account for 10% of renovations but spend almost double the median budget for renovations. (Houzz & Home)

  5. The top five kitchen styles for 2021 and 2022 are transitional (25%), contemporary (15%), modern (13%), farmhouse (10%), and traditional (9%). (Statista)

  6. Outdoor furniture sales are expected to increase by $195.3 billion between 2021 and 2022. (Statista)

  7. 89% of homeowners hire a professional to help out with their renovation rather than choosing to DIY it. (Houzz & Home)

  8. 65% of homeowners who renovated in 2021 purchased paint, showing that more minor renovation projects remain popular. (Houzz & Home)

  9. Outdoor home upgrades are on the decline since a 2020 boost, though they’re still more common than they were in 2019. (Houzz & Home)

  10. Connected tech revenue for products throughout the home is expected to reach $5.94 billion in the United States by the end of 2022. (Statista)

  11. The popularity of outdoor upgrades decreased from 57% to 54% in 2021. (Houzz & Home)

  12. Estimated DIY Sales from home improvement stores, hardware stores, and lumberyards were $537.9 billion by the end of 2021. (Statista)

  13. 45% of renovators report that they renovated their kitchen because they finally had time to do it. (Statista)

  14. When it comes to kitchens, most renovations are cosmetic rather than necessary. In 2022, the top two reasons for renovations are based on aesthetics while the third reason has to do with making repairs. (Houzz & Home)

  15. Long-term homeowners spend more than other homeowners on home renovation projects, but they tend to take on fewer projects. (Houzz & Home)

  16. Hardware store sales are expected to reach $67 billion in 2022, a $4.1 billion increase from 2021. (Statista)

  17. Baby boomers made up 54% of homeowners who renovated in 2020, followed by Gen X (32%), Millennials (12%), Seniors (3%), and Gen Z (0.2%). (Statista)

  18. 76% of homeowners use cash from their savings to finance home renovations. (Houzz & Home)

  19. The three top reasons that projects go over budget are that products/services were more expensive than expected, the project was more complex than expected, or surprise construction issues occurred. (Houzz & Home)

  20. 13% of homeowners decided to renovate a closet space in 2021, with half of renovators spending $1,000 or more on this project. (Houzz & Home)

  21. New countertops and backsplash are the most popular kitchen renovations, with 91% and 86% (respectively) of renovators making these upgrades through 2022. (Statista)

 

89% of homeowners hire a professional to execute a project rather than D.I.Y. it.

 

Home Remodeling Statistics

Home remodels like gutting your kitchen are bigger projects that will take more resources and planning to execute. These projects can take a long time, but that doesn’t deter the homeowners who are ready to make their dream home a reality.

Here are some of the top remodeling trends for 2022, including the most common remodeling projects and how homeowners are financing their upgrades.

 

  1. Half of kitchen remodels in the United States cost $15,000 or more in 2021, which is $3,000 more than the previous year. (Houzz & Home)

  2. Among homeowners who renovated in 2021, the kitchen was the most popular place to remodel with 36% of respondents reporting that they remodeled or added on to their kitchen. (Houzz & Home)

  3. Homeowners plan to spend 50% more on their home remodels in 2022 compared to 2018. (Houzz & Home)

  4. Over one-third of homeowners plan to make home repairs in 2022. (Houzz & Home)

  5. For the first time since 2018, homeowners plan on spending more to fix repairs in 2022 than the previous year. (Houzz & Home)

  6. Homeowners report spending the most time on kitchen remodels, which take an average of 4.9 months to complete from when construction starts. (Houzz & Home)

  7. On average, the planning phase for any construction project lasts twice as long as the actual construction. (Houzz & Home)

  8. When planning a kitchen remodel in 2022, more homeowners plan on replacing all of their appliances (50%) compared to just some of them (33%). (Houzz & Home)

  9. The three top kitchen upgrades for 2021 and 2022 are refrigerators or freezers, dishwashers, and microwaves. (Statista)

  10. Recent homeowners are more likely to remodel kitchens and bathrooms compared to short- or long-term homeowners. But they also report spending less than the median amount for all homeowners on these projects. (Houzz & Home)

  11. Two-fifths of homeowners plan to start an eco-friendly remodel project in 2022. (Green Builder Media)

 

For the first time since 2018, homeowners plan on spending more to fix repairs in 2022 than the previous year.

 

There have been many changes to the home improvement industry over the past couple of years, so it’s very interesting to see how home renovation statistics are changing in 2022.

From making sure that you’re paying a reasonable price for your home improvement projects to ensuring your renovation adds value, there’s a lot to learn from this data when you’re looking to purchase a home in Raleigh.


Ryan Fitzgerald Raleigh RealtyHi there! I'm Ryan Fitzgerald, a REALTOR in Raleigh-Durham, NC and the owner of Raleigh Realty. Chances are you and I share a similar passion, Real Estate! I also have a passion for building businesses, working out, inspiring others, technology, sports, and people. Connect with me on Facebook and Instagram!

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