More homeowners want to make home improvements this year

by Candyd Mendoza27 Feb 2020

Three in four homeowners are planning to make home improvements this year, boosting renovation spending by 27%.

The LightStream Home Improvement Trends Survey showed a boost in the share of home renovation projects, up from 73% in 2019 to 77% in 2020.

There was also a jump in the amount Americans are willing to cough up on these projects. Homeowners plan to spend an average of $11, 473 on renovations, up 27% from $9,006 a year ago.

Outdoor remodels (47%) were the most popular among homeowners, encompassing plans for decks (45%), greenhouses and gardens (35%), and patios (34%). Among indoor renovations, bathroom (42%) and kitchen (38%) upgrades were the most popular.

"Our 2020 survey noted that 66% of homeowners say they'll stay in place for at least the next 10 years," said Todd Nelson, senior vice president of strategic partnerships at LightStream. "This helps explain record-low real estate inventories and higher home prices across the country."

As for why they are making these improvements, 60% said that they have an area of their house that they would be embarrassed to show guests visiting for the first time.

Meanwhile, 83% said that they have spaces they would renovate or build but just haven't gotten around to it, with 46% saying that the lack of funds is what's delaying them. Almost 65% said they would use their savings, while 33% said they would tap credit cards.