Annual home improvement spending per household increased by more than $2,000 over the last two years—up 17% just in the last 12 months—to $7,560. Factor in spending on home maintenance and home emergency spending, like on a hail-damaged roof, and that figure jumps to $9,081.
That’s according to HomeAdvisor’s latest State of Home Spending report, formerly referred to as its True Cost Report, which this year included survey responses from nearly 1,500 adults, all reportedly having made home improvement decisions over the last year. In all, the report was 12 pages, and while it was a scintillating read front-to-back, we left with three major takeaways every remodeler needs to know.
1] Men spend more, women spend more regularly—When it came to spending per project, men averaged 17% more than women. However, women completed 9% more projects and median spent 7% more than men.
2] Millennial preferences—Modernizing their homes is a home improvement priority for Boomers and the Gen Xers. Millennials and the Silent Generation (i.e., their grandparents) prioritize aesthetics and design—mostly mid-century modern and older styles. Millennials also prioritize ROI when it comes to home improvements—more than any other generation. Twenty percent would list “financial ROI” as the primary reason for a room remodel; that’s twice as many as Gen Xers, about triple the number of Boomers, and four times as many as the Silent Generation.
3] Spending indicators—The obvious indicator is: If a household earns more, they spend more on home improvement. But some less obvious indicators come from the home itself, as the graphic below illustrates. One we were particularly surprised by: Homeowners spend $78 less for each year of homeownership.