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As soon as this statistic is updated, you will be notified immediately by email. You need at least an initial account to use this feature. You only have access to basic statistics. This statistic is not included in your account. While homeowners are known to renovate or remodel nearly every inch of their homes over the course of their lives, there are five areas where people tend to spend the most: ceilings, kitchens, air conditioning systems, bathrooms, and common surfaces, such as floors, tiles and panels.
From a remodeling standpoint, kitchens and bathrooms are the most popular interior areas to upgrade, but unlike disaster repairs, they don't usually have a major external catalyst for most people. Reasons for remodeling bathrooms and kitchens may include reselling or simply increasing the enjoyment factor in these two highest-use areas of the house. Roof, floor, panel and roof projects can follow these lines and improve the overall aesthetics of a home, but they can also be affected by external factors such as storm damage, mold, or severe wear and tear. While a functioning HVAC system won't necessarily improve the appearance of your home, it plays a crucial role in the functionality and efficiency of your home. Especially in regions that experience more extreme weather conditions, repairing or replacing an HVAC system is a common project that can come at a significant cost.
Despite the expected decline in spending in 2024, the home improvement industry should continue to invest in the residential sector. The NAR shared that 84% of homeowners wanted to spend more time in their renovated homes, while 69% said they enjoyed their homes more; 39% of homeowners were satisfied to see their home improvement project completed.
