Being cooped up at home pushed Americans to spend more on home improvement projects this year instead of entertainment or travel. The National Association of Home Builders says HomeAdvisor’s latest State of Home Spending report is also influenced by the unprecedented surge in homebuying this year, as well, primarily by Millennials. This generation not only experienced great increases in homeownership, but they are spending the most on improvement projects as well. Top projects this past year were interior painting projects, bathroom remodels, and new flooring installations.
Home maintenance projects, such as cleaning and landscaping, saw the biggest year-over-year increase, rising from $1,105 in 2019 to $3,192 in 2020. Contributing factors include people using their homes more, resulting in more wear and tear, and spending more time at home, making problems more noticeable. Home improvement and home emergency spending rose $745 and $124, respectively, over 2019.
Respondents to HomeAdvisor’s survey indicated that interior painting projects would remain the top project leading into 2021 — a departure from prior years, in which room remodels generally held the top spot.