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Value of homeowner renovation expenditure in the U.S. Q1 2015-Q1 2020

Remodeling expenditure in the United States amounted to 328 billion U.S. dollars in the final quarter of 2019 and is set to reach 333 billion U.S. dollars by the end of 2020. This upward trend has been in place since 2015 and shows no sign of changing.

Why do homeowners invest in home improvement?

Homeowners undertake home improvement projects for a variety of reasons, such as to increase value before sale, to improve the energy efficiency of their home, or to repair and upgrade their newly purchased, but older home. In 2019, Gen Z and Millennial home sellers were much more likely to make home improvements before selling than their older counterparts. Over one quarter of homeowners who renovated in 2018 did so because they wanted to customize a recently bought house.

How are they financing these projects?

In 2018, most homeowners funded their renovations with cash from their savings, whereas only two percent used an unsecured loan to do so. This indicates that home improvements are important enough for many Americans to prioritize saving for such projects.

Value of homeowner improvements and repair expenditure in the United States from Q1 2015 to Q1 2020

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Source

Release date

January 2020

Region

United States

Survey time period

Q1 2015 to Q1 2020

Supplementary notes

*Forecast

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Statistics on "Home improvement retail industry in the U.S."

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