Perfecting a home has never come cheap, but the costs homeowners have been putting into remodeling have steadily increased over the past handful of years. According to a survey conducted by Houzz, the median spend increased by 60 percent between 2020-2023, with investment increasing from $15,000 to $24,000.
Additionally, more than half of renovating homeowners spent $25,000 or more on their renovations in 2023, up from 37 percent in 2020.
Gen Xers spent the most on renovation projects for the second year in a row. Their median spend in 2023 was $25,000, compared with Baby Boomers at $24,000. The top 10 percent of spenders in these groups had substantial project budgets, with Gen Xers at $180,000 and Baby Boomers at $131,000.
Kitchens continue to lead as the most commonly renovated interior room, followed closely by guest bathrooms and primary bathrooms.
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