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8
A Fun Quiz to See How Much You Know About Renovation Trends
Home prices keep going up, and you may not have time or desire to wait for them to start coming down before you jump into a renovation to have the home you want or need now.
A recent survey by Houzz, a home remodeling and design website you should look at if you are planning a renovation (loads of ideas), asked 20,000 homeowners across the U.S. 9 questions about their renovations and here are the answers.
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In 2024, what is the median amount homeowners spent on renovations?
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$10,000
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$20,000
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$35,000
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$50,000
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How were homeowners most likely to pay for renovations?
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Cash from a home sale
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Home loans
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Credit Card
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Savings
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In which of the following years did renovation peak?
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2020
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2021
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2022
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2023
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2024
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Homeowners in the top 90th percentile spent _____ or more on their renovations.
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$100,000
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$140,000
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$175,000
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$200,000
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Which generation renovated the most?
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Baby Boomers
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Generation X
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Millennials
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Generation Z
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Major remodels of two spaces drove the remodeling market: kitchens and ______?
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Bedrooms
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Bathrooms
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Home Offices
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Dining Rooms
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What was the most common outdoor structure project?
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Pergolas/Gazebos
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Sheds
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Decks
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Kitchens
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What was a homeowner's top motivation for remodeling?
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Having the money
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Wanting to sell their home
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Deciding not to purchase another home
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Having the time
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What share of homeowners who renovated planned to stay in their home for another 10 years?
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15%
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32%
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45%
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61%
Answers
In 2024, what is the median amount homeowners spent on renovations?
How were homeowners most likely to pay for renovations?
Answer: Homeowners used several forms of payment, but most - 84% - used money in their savings to cover costs.
In which of the following years did renovation peak?
Answer: A trick question! Homeowners spent the same amount on renovations in 2023 and 2024 - a median of $24,000.
Homeowners in the top 90th percentile spent _____ or more on their renovations.
Which generation renovated the most?
Answer: This answer might have been easy to guess if you know much about homeownership rates amongst generations and that many older Americans are opting to stay put rather than downsize. Baby Boomers accounted for 59% of homeowner renovation spend, followed by Generation Z at 29%.
Major remodels of two spaces drove the remodeling market: kitchens and ______?
What was the most common outdoor structure project?
What was a homeowner's top motivation for remodeling?
Answer: Money always seems like the main reason someone can take on a renovation, but surprisingly, 40% of homeowners said finally having enough time was why they took on a project in 2024. Money came in a close second at 35%.
Answer: Three out of five (61%) homeowners who renovated last year said they plan to stay in their homes for at least 10 more years. Given that Baby Boomers were the most renovating generation and the trend is for them to stay put, this isn't a surprising result.
How did you do? Are you planning a renovation for 2025 or 2026? Some experts say the uncertainty of tariffs will take a bite out of renovation plans for the near future. Job uncertainty may also have an impact, and while market performance (S&P down 12.5% so far this year) has seen a recent surge, its recovery may also take renovations off the table for the time being.
Sources: RTD, Philadelphia Inquirer, Houzz.com
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