According to the latest Houzz & Home Study, home renovation spending has increased significantly since 2020. Homeowners are spending more time planning renovations than on the actual construction. The most common funding source for home renovations is cash from savings, but credit card usage has increased.

Gen Xers are spending the most on renovations.

Gen Xers are spending the most on renovations, with a median spend of $25,000 in 2023. Kitchens and bathrooms are the most popular rooms to renovate. The median spend for kitchen and primary bathroom renovations has increased in 2023.

Homeowners are increasingly interested in sustainability.

Homeowners are becoming increasingly interested in sustainability. In fact, 34% of homeowners surveyed said that sustainability was a top priority when planning renovations.

Homeowners are also using technology more than ever before.

Homeowners are using technology more than ever before to plan and manage their renovations. Houzz has seen a significant increase in the use of its virtual design tools and augmented reality features.

Overall, the home renovation market is strong and continues to grow.

The home renovation market is strong and continues to grow. Homeowners are spending more money than ever before on renovations, and they are increasingly interested in sustainability and using technology to make their projects more efficient.