41+ Home Improvement & Remodeling Statistics 2022

Table of Content

• Over 50% of Homes in The United States Were Built Prior to 1980.
• Why do homeowners invest in home improvement?
• Value of homeowner improvements and repair expenditure in the United States from Q1 2015 to Q1 2021 with forecast for 2022
• How much does the average American spend on house maintenance?
• What Is the Most Popular Kind of Home Remodeling Project?
• Home Improvement Related Statistics
• Spending on home improvement is growing at twice the rate of all the other categories of retail.

In the top 90th percentile, the median spending reached $100,000, a 15% gain over 2020 and more than 2x the annual increase in previous years. Recent residential real estate market trends and the impact of the COVID-19 pandemic also played a role in boosting the home remodeling revenue. The top three home improvement projects are interior painting, bathroom remodeling, and installing smart home devices.

The home remodeling industry is worth a whopping $462 billion in 2022 — up from $394 billion in 2018. Here’s a look at home remodeling industry statistics to show what’s driving sales and which trends will shape 2022. During 2020, the peak of the COVID-19 pandemic lockdowns, 76% of American homeowners completed home improvement projects. This boosted the home improvement industry’s value by about $90 billion in just one year, and the growth didn’t slow down much in 2021, as Americans spent $538 billion at home improvement stores that year. Upgrading a home’s security systems can also save money on homeowners’ insurance. A home remodeling project's average cost recovery rate is 56%, but some projects generate double-digit returns.

Over 50% of Homes in The United States Were Built Prior to 1980.

The home improvement industry is expected to grow by 4.3% from 2021 to 2027. 2021 moving trends saw the lowest number of people moving in decades, and the current moving rates are less than half of ... Home remodeling was one of the few industries positively affected by the Covid-19 pandemic. Hardwood floor refinishing takes the top spot with a 147% recovery rate, followed by new wood flooring with a cost recovery rate of 118%. Homebuyers who recently purchased their home spent $30,000 on remodeling in 2021. Remodeling entails creating something new, while renovating means restoring something to its previous state.

In-depth economic analysis of the most significant issues and latest trends driving the housing industry. Get the latest updates on key developments in the housing industry. If you are one of those folks who seems to have the eye and know just where to find a home for everything, the decluttering business is a growing industry showing great profit potential. PremierGarage leverages over a decade of franchising experience to give prospective franchisees the opportunity to partner with a brand that is committed to excellence at every level.

Why do homeowners invest in home improvement?

They have a 2% market share, but they are still one of the top home improvement store chains in the United States. Here are some of the statistics that surround the DIY home improvements that have been going on in recent years and expect to continue in the future. 2020 and 2021 is expected to be a flourishing year for Millennials to begin purchasing some of their first homes, and Millennials tend to enjoy higher-tech features, which many homes are lacking. Therefore, a lot of people have been remodeling and improving their homes in preparation for selling them and making them more appealing to the Millennials. According to the data collected back in 2018, the United States home remodeling market was estimated to be around $374.6 billion. The average price of renovating a home can vary drastically depending on different things.

This company currently has 30% market share (worth $1 trillion) of the home improvement industry. Lowe's has a 30% market share (which is worth $1 trillion) of the home improvement industry. Home Depot has a 30% market share (which is worth $1 trillion) of the home improvement industry.

Value of homeowner improvements and repair expenditure in the United States from Q1 2015 to Q1 2021 with forecast for 2022

31% said the same about bathroom projects, while 27% intended to upgrade their kitchens, and 26% were planning bedroom projects. 25% were expecting to work on their deck or patio, and 16% had plans for their home offices. As of 2018, the average homeowner spends $7,560 a year on home improvement. American homeowners place a high value on making their homes more beautiful and functional. Self-expression and individuality are increasingly reflected in our physical environments, and cookie-cutter homes are very much out of style. There are even websites such as mcmansionhell.com dedicated to how mediocre and awful the home trends over the last few decades was.

The percentage of our population who are aging comprise over 50% of the homeowners who are renovating and remodeling their homes. This demographic is often overlooked, but they spend the most money. Accessibility is becoming increasingly important to them, and they regularly will invest in home improvements and upgrades in their bathrooms like walk-in tubs and smart toilets. This is a growing market as more seniors want to age “in place” and remain in their homes as long as possible.

Clients who come to Dale’s Remodeling want to transform their homes for a wide variety of reasons. Maybe they need to improve a room’s functionality, add more square footage to the structure, or perhaps they just want to update the look of their home with new, innovative features, like the Lutron Automation System. Whatever the reason may be, there is one goal everyone desires—remodeling to add value to their home.

The most popular smart home upgrades for security are alarm/detection systems, motion-activated lighting, garage door openers, cameras, and video intercom/doorbell systems. With 71% of homeowners undertaking improvement or renovation projects including interior or exterior paint, this is by far the most commonly purchased home improvement product. The paint section in most home improvement stores can take up as much as a fifth of the store.

What Is the Most Popular Kind of Home Remodeling Project?

Home Depot could almost be its own major market, with a share of revenues in the home remodeling market. Imagine what its competitors added to the revenues in home improvement. Kitchen projects are always a safe bet if you want to add value to your home. This year, major, mid-range kitchen renovations provide homeowners with a 62.7% ROI and minor updates provide a 92.9% return. The amount the average American spends on home refurbishment, exterior home renovation, and other home renovation projects is on the rise.

Home remodeling, decorating, and landscaping is a popular American pastime. Baby boomers undertake bigger, more involved projects and millennials tend to focus more on the decorating side. Security and “smart” enhancements for the home represent a growing share of the market, with spending increasing as much as 20% each year since 2016. Nearly half of the renovation projects undertaken by homeowners will also include smart technology. According to the National Association of Realtors, a home remodeling project's average cost recovery rate is 56%.