Homeowners embrace renovation over relocation
The “renovate over relocate” mentality is continuing among homeowners, with two-thirds saying they’d rather fix up their existing home ...
DENVER — The “renovate over relocate” mentality is continuing among homeowners, with two-thirds saying they’d rather fix up their existing home than move to a new one during the current of climate of high interest rates and low housing inventory.
The 2024 State of Home Spending Report from Angi, a website and app that connects homeowners with service professionals, shows 93% of homeowners are planning to take on some projects this year.
“Homeowners are clearly committed to their homes,” said Angie Hicks, co-founder. “Even as economic pressures and challenges to getting projects done mount, the desire to create functional, personalized and well-maintained spaces is stronger than ever.”
Among the key projects on to-do lists are painting and design updates, cited by 22%; bathroom remodels (13%); flooring updates (12%); and landscaping (12%). Within the painting and design category, focus groups among professionals found homeowners opting for fewer colors and more monochromatic designs with varying finishes to create a modern look, while white-painted cabinets continue to be a popular means of refreshing a kitchen.
Bathroom fixture finishes trended toward black and gold, and laminate and luxury vinyl plank in lighter shades such as white oak replaced traditional carpeting.
Spending by generation was highest among Baby Boomers, who spent $14,140 in 2024. Millennials were the next highest spenders at $12,101, while Gen Z was lowest at just more than $9,500. High-income households spent nearly $22,000 on average, up from $20,649.
But overall, spending on home projects fell by 12% in 2024 to just more than $12,000 from $13,667 in 2023. About 60% of homeowners registered concern about being able to afford home maintenance and repairs this year.
The report found that more than half of homeowners (54%) are actively budgeting for projects in 2025. Younger generations are the most likely to do so; they also are more inclined to explore alternative financing options.
When it comes to long-range projects for the next five years, kitchen remodels are being considered by about one-third of homeowners, followed by bathroom remodels (28%), a new deck or porch (14%), updates to outdoor spaces (12%) and basement finishing (10%).
The State of Home Spending Report surveyed 6,691 individuals between Nov. 8 and 18, 2024, including those who had completed a remodeling project in the past 12 months using some hired help.
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