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.