A nice and comfortable environment can make you feel much better. Therefore, no one should be too frugal when home improvement is in question.
Of course, many people can’t afford to renovate their homes entirely, but even the most minor changes matter. You may need to read more about how much people spend on it, how often they do it, and how well the home improvement industry is doing.
We’ve compiled all home renovation statistics that can be useful to anyone who plans to improve their home environment or just wants to know more about home renovation. So, let’s dive in.
Key Home Improvement Stats, Facts, and Trends (Editor’s Pick)
- The worldwide DIY home improvement industry is forecasted to grow at a CAGR of 4.5% between 2021 and 2027.
- The worldwide home decor market will most likely reach $838.6 billion by 2027.
- The US home improvement market size is forecasted to be $621.3 billion by 2025.
- People most commonly renovate home interiors, especially kitchens.
- People aged 35 to 54 are the most likely to invest in home renovation.
- Home remodeling should be done every 15 to 20 years if the house is in good condition.
- Homes generally don’t need many repairs in their first five years.
- Sharp objects like screws, nails, and bolts cause 30% of home remodeling injuries.
Home Improvement Industry Statistics
1. The home improvement services market is predicted to reach $585.3 billion by 2030.
(Allied Market Research)
Home improvement services are as crucial as the renovation itself, and data shows that the future for this industry is bright.
The global home improvement service market size was valued at $316.8 billion in 2020 and, according to estimations, it will expand at a CAGR of 6.2% between 2021 and 2030.
2. The global DIY home improvement industry is projected to grow at a CAGR of 4.5% between 2021 and 2027.
The demand for luxurious and energy-efficient living spaces drives the home improvement industry the most. Still, DIY home projects are tremendously popular, especially among males. Therefore, the DIY home improvement industry will most likely expand at a CAGR of 4.5% by 2027.
3. In 2021, the US building material, garden equipment, and supplies dealer sales reached almost $40 billion.
As mentioned in the previous stat, DIY projects are popular and always have been. Home remodeling industry statistics regarding equipment and supplies indicate that retail sales spiked from $29.6 million in January 2021 to a shocking $47.1 million in April 2021.
Even in September, October, and November, the sales were $39 million each month. The monthly sales of home renovation equipment, materials, and supplies have never been this high.
4. The worldwide home decor market is predicted to reach $838.6 billion by 2027.
(Allied Market Research)
Data suggests that the global home decor market will register a CAGR of 3.9% between 2020 and 2027. Also, it appears that floor covering will be in the highest demand throughout the forecast period, while home textile will be the least popular.
It’s worth mentioning that North America was the leading region in the home decor market in 2019.
The US home improvement market share was undoubtedly the largest in the North American region. Namely, four-fifths of the entire home improvement market belonged to the US in 2020. That’s because of the increase in the number of rental houses and awareness regarding home wellness among customers.
6. The US home improvement market size is forecasted to reach $621.3 billion by 2025.
Statista’s report reveals that the home renovation market size was $538 billion in 2021, and it’s very likely to increase by $82 billion until 2025.
The leading home improvement chain in 2020 was The Home Depot, with sales exceeding $130 billion.
Home Renovation Statistics About Costs
7. Americans spent 15% more on home renovation projects in 2020.
Lockdowns were the main reason for the increase in home renovation projects, even though many people struggled with job loss and lower income.
For instance, a survey of 70,000 respondents revealed that home renovation projects were up in 2020. People were focused on remodeling home offices, kitchens, and outdoor spaces.
8. People in the US spent almost $420 billion on home repairs and improvements in 2020.
According to a study, 60% of Americans reported starting at least one home renovation project in the previous two to three weeks. As home renovation trends indicate, DIY projects were the most prevalent.
9. According to the one percent rule, people should save at least 1% of their home’s value per year for maintenance.
There are a few methods of calculating the savings needed for home renovation. One of them is the one percent rule, and the other one suggests saving 10% of the total cost of a person’s property taxes.
10. In 2020, the amount of money people in the UK spent on home renovation surged by 36%.
Home renovation statistics for the UK based on the data released by Houzz & Home, people in the UK who had higher budget projects saved £100,000 or more. In addition, the median renovation spending among Millennials increased by 70% in 2020.
11. Professional home office remodeling costs approximately $15,000.
While the average price for professional home office remodeling is $15,000, the exact cost depends on the type of renovation and the size of the room.
For instance, hiring a professional organizer costs approximately $480, and the price of installing built-in shelves is priced around $2,500.
12. The average cost of the main bathroom renovation stands at $8,000.
The average home improvement costs vary based on how many rooms are renovated and if additional repairs are needed.
While a primary bathroom renovation costs around $8,000, you can spend an additional $400 for security improvement and $1,000 for electrical renovation.
Stats and Facts Regarding Global Home Renovation Trends
13. Among home renovation projects, interior home remodels are the most popular in the US
Numerous statistics have shown that interior remodeling (dining rooms, living rooms, bathrooms, or kitchens) is the most popular renovation project in the US.
Interestingly, the percentage of people investing in interior remodels decreased from 72% in 2017 to 68% in 2020.
14. A solid kitchen upgrade with new cabinets and countertops can cost around $25,000.
According to the latest home renovation trends, a solid kitchen upgrade costs about $150 per square foot.
Typically, an approximate price for kitchen remodeling projects is 10% of an entire home’s value. Therefore, the highest cost can be even $60,000, while the lowest stands at $5,000.
15. The exterior replacements segment will account for over 18.6% of worldwide consumption in 2027.
Various home improvement industry trends for 2022 and beyond indicate that exterior replacements, system upgrades, property improvement, and kitchen improvement and additions will see the most significant spike in popularity.
16. Home decor is the most popular home improvement project in France.
According to the statistics based on a survey of 1,008 French respondents, 48% stated that they’re interested in home decor the most.
Apart from that, 32% showed interest in bathroom and kitchen renovation, 26% in thermal renovation, 18% in electricity or plumbing improvement, 12% in facade restoration.
17. In 2021, the best home improvement retail store for customers was Ace Hardware.
Home improvement trends for 2021 indicate that Ace Hardware was among the most significant retailers in the home improvement and DIY industry. This company scored 863 out of 1,000 customer satisfaction points last year.
18. In 2020, garden landscaping was the most common home improvement project in the U.S.
Garden landscaping (26%) was the most popular improvement project during the first year of the coronavirus pandemic, along with repainting indoors (24%).
Also, many people invested in high-speed Internet (21%), fixing or adding a lawn (18%), and even security cameras (16%).
Other Relevant Home Renovation Stats and Facts
19. Home renovation should be done every 15 to 20 years if the house is in good condition.
Expect a complete renovation after 15 to 20 years if you live in a new house. But, of course, that doesn’t mean that you shouldn’t remodel separate rooms or make minor changes.
Also, keeping your home up-to-date with all the new trends in home renovation is costly, so instead of that, plan home renovation based on its condition.
20. A full renovation of a house can typically last between four to eight months.
Home renovation facts show that a full house renovation typically lasts up to eight months. That’s why it’s essential to plan ahead because you need to keep your house functional even during renovation. Remodeling can take even longer if the space is big and vice versa.
21. Homes usually don’t need many repairs in their first five years.
One of the vital home improvement facts you should keep in mind is that you’ll need to remodel or repair things even if the house is new. However, expect no severe problems such as leaking roof, etc.
22. People aged between 35 and 54 are most likely to invest in home renovation.
(Allied Market Research)
According to the data about future predictions, people aged 35 to 54 are the age group that will spend the most on home remodeling even in 2030. Conversely, those who spend the least are under 35, which is relatively logical.
23. 3 in 100,000 people are hospitalized because of a DIY injury.
Even if DIY projects can save you a lot of hassle and money, people often get hurt if they renovate the house on their own. Namely, home remodeling statistics show that falling off the ladders is the most common cause of injury.
24. Sharp objects like screws, nails, bolts, and tacks cause 30% of all home remodeling injuries.
Remember to keep your working place clean when you’re in the middle of a home remodeling project because one of the most common injuries during renovation is a puncture wound.
Injuries like these, along with fractures, abrasions, and lacerations, happen because people usually don’t have the skills needed to complete projects but are overly ambitious and want to save money.
Are more people renovating their homes?
Even though the coronavirus pandemic has instigated “the great resignation” and many more economic problems, it appears that people in the US invest in home improvement more than before.
For instance, people spent 15% more money on home renovation projects in 2020 compared to the year before. That’s probably because people spend a lot more time in their homes, which could make them invest in renovation.
How often do people do home renovations?
Home renovations should be done every 15 to 20 years, given that the house is in good condition. A full renovation can last between four to eight months, so it needs to be planned in advance. Of course, the renovation itself depends on these factors:
- The last time your home was remodeled
- When the home was built
- Is only one room in question or the entire house
- The present condition of the house
- The size of your house
If you have problems with chipped paint, leaking roof, detachment of the tiles, or termite infestation, it’s time for renovation.
How big is the home renovation industry?
The home renovation services market is predicted to reach $585.3 billion by 2030, meaning that this industry is very lucrative. Furthermore, it’s estimated to expand at a CAGR of 6.2% from 2021 to 2030.
The home improvement services market is driven mainly by property costs and higher interest rates. It’s also important to mention that North America is the dominant region in this industry.
How much do Americans spend on home renovations?
In 2020, Americans spent almost $420 billion on home improvement projects. In addition, a study found that in May 2020, nearly 80% of people started at least one project in the previous two or three weeks.
That’s because many people needed to modify their living space for studying, work, and leisure due to the coronavirus pandemic. Since the pandemic isn’t over yet and there’s no new data on this, we can assume that people spend even more on home renovation.
How much should you save for home improvements?
There are two saving methods when it comes to home renovation. According to the first one, called “the one percent rule“, you should save at least 1% of your entire home’s value annually. The second method recommends saving 10% of the cost of your property taxes.
Of course, you can always save more than that, and it’s even recommended to do so. You should also consider saving more in case of water damage and other emergency repairs.
What comes first in a home renovation?
Generally, you should remodel your bathroom or kitchen first when you remodel the house. It’s the smartest thing to do, according to experts. That’s because remodeling kitchens costs more than renovating bathrooms and has a better investment return.
Also, you should regularly remodel the space you spend the most time in. Home renovation statistics point out that a solid kitchen upgrade can cost you around $25,000, so plan accordingly.
As you can see, home renovation is a booming industry. Homeowners are spending more than ever to improve their homes.
It’s clear that home renovation is something that almost everyone thinks about at some point. Whether you do it yourself or hire a contractor, you owe it to yourself to invest in your own personal space. The fact is, more and more people are finding ways to finance their projects and make their dream homes a reality.
If you look at the statistics, you’ll realize that remodeling is considerably prevalent, especially in the US. Moreover, since the worldwide pandemic started, people have spent more time indoors, so it’s completely justified to invest more in home remodeling and improvement.
Also, many people need to make a decent workspace or study space in their house. Apart from emergency improvements like these, there’s always something that should be improved or repaired. That’s why investing in your home is never a waste, so it’s always a good idea to save money for remodeling and repairs.
Well, that was a long one. And it covers a lot of ground on home renovation trends, so we’re just going to wrap up here. Thanks for reading through all of our findings! We hope you enjoyed them as much as we did 🙂
Thanks again for reading this post, and good luck with your projects!