A new report reveals the trends in American home improvement spending, highlighting a strong commitment to homeownership and a focus on personalization and functionality.
A recent study has unveiled the home improvement expenditures of Americans over the past year, illuminating the prevailing and waning trends in how individuals are choosing to modify their living spaces. The 2024 Angi State of Home Spending Report delves into the most prevalent home improvement projects undertaken by Americans last year, revealing that certain renovations have garnered greater popularity than others.
Total spending on home projects experienced a 12 percent decline in 2024, according to the report. However, a promising 93 percent of homeowners are anticipating projects in 2025, while 46 percent plan large-scale endeavors over the next five years, such as kitchen remodels (31 percent) and bathroom upgrades (28 percent). When examining home improvement spending across different generations, one group emerged as the most significant investors. Baby Boomers, individuals born between 1946 and 1964, invested an average of $14,140 in home projects in 2024. They were closely followed by Millennials, born between 1981 and 1996, who spent an average of $12,101 last year. Gen X (1965-1980) ranked third, averaging $11,781 in spending last year, trailed by the Silent Generation (1928-1945) in fourth place with $11,620 and Gen Z (1997-2012) in fifth place with an average spending of $9,592 last year. Although they represented the lowest-spending generation, Gen Z notably executed the highest number of projects, averaging 10 per homeowner in 2024. Millennials came in second place with 9.3 projects, underscoring a hands-on approach to homeownership across all generations, as indicated by the study.Home improvements accounted for the majority of spending across all generations, followed by maintenance and emergency expenditures. Gen Z was the sole generation to allocate more funds to emergencies than maintenance. Furthermore, 67 percent of homeowners expressed a preference for renovating their existing homes to better suit their needs rather than relocating. The findings of the State of Home Spending report were derived from surveys conducted among 6,961 individuals between November 8, 2024, and November 18, 2024. The report employed a general population survey methodology, with the results weighted to align with general population statistics for age and gender to determine average spending and project volume. Quotas were implemented for age and gender to ensure a representative sample of US homeowners. Angie Hicks, Co-Founder of Angi, commented: 'Homeowners are clearly committed to their homes. Even as economic pressures and challenges to completing projects intensify, the desire to create functional, personalized, and well-maintained spaces remains stronger than ever. The optimism for 2025 reflects the enduring value of homeownership as both a financial and emotional investment.' Have you transformed your house into something you're proud of? Whether it's a DIY project or a full-scale renovation, share your success stories with us. Let us know via [email protected], and your dream home could be featured on Newsweek
HOME IMPROVEMENTS TRENDS SPENDING GENERATIONS BABY BOOMERS MILLENNIALS GEN Z ECONOMIC PRESSURES
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