Homeowners spent a median $22,000 on renovations last year, a sharp increase from the $14,000 spent in 2018.
Monthly mortgage payments aren't the only recurring cost tied to owning a home. Money spent on maintenance, renovations and repairs, particularly for older houses, can easily cost homeowners thousands of dollars.The median amount Americans spent on home renovations in 2022 was $22,000, according to home improvement website Houzz. That's up from $14,000 in 2018. Among the top 10% of homes that spent the most on renovations last year, the median spend was $140,000 or more.
These days, homeowners are also focusing on fixing and replacing things like toilets, sinks, shower tiles and pipe associated with those systems, said Alan Archuleta, chairman of the home remodelers council at the National Association of Home Builders. 'Kitchens and bathrooms have the most working products in them, so they have the most points of failure,' he added.
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