Houzz released the results of its 10th-annual Houzz and Home Report, which found that home renovation spend has grown 15% in the last year to a median $15,000. Higher budget projects (with the top 10% of project spend) saw an increase to $85,000 or more in 2020, compared with $80,000 in the two years prior.
Highlights from the report include:
Outdoor Projects Heat Up: Outdoor areas have increased in popularity since 2018, with 2020 showing a jump of six percentage points (57%) among renovating homeowners. Improvements to outdoor spaces were directed toward the grounds with beds or borders and lawns seeing significant growth in popularity. Exterior upgrades, such as decks and porches or balconies also came into focus in 2020, with homeowners investing 25% more in deck and porch upgrades ($2,500 and $1,500, respectively) compared with 2019.
Homes Get Smarter: Smart home technology purchases continue to rise in popularity, with streaming-media players and TVs experiencing the greatest annual increases. A larger share of renovating homeowners purchased smart tech for their outdoor spaces than the previous year including, security cameras, light fixtures and speakers or sound systems.
Increase in Outdoor Decor: Decor products for outdoor spaces were purchased more frequently by renovating homeowners in 2020 than 2019. Most notably, purchases of fire features, such as fireplaces and fire pits, were more common in 2020. Better lighting (27%), large or small furniture (25 and 21%) and pillows and throws (18%) were used to decorate outdoor spaces after renovations.
The 2021 Houzz and Home Report is the largest survey published of residential remodeling activity, with more than 70,000 U.S. respondents.