Where Do Homeowners Spend Their Renovation Dollars?

June 7, 2019
kitchen
Photo: Unsplash/Rustic Vegan

A recent survey from Houzz shows that homeowners are spending a median of $14,000 on kitchen remodels, the most out of any room in the house.

Realtor.com reports that this represents a 27% increase from 2017; the previous year, it had risen 10%. This comes as renovation spending overall has slowed; in half of the 50 largest U.S. markets, homeowners spend 5% to 10% less than they did the previous year.

Folks also poured money into their guest and master bathrooms. The median spend on those rooms jumped 17% and 14%, respectively.

"These are highly prized spaces in a home," says Nino Sitchinava, the principal economist at Houzz. "Baby boomer and Generation Xers are the dominant share of renovating homeowners. ... They've been saving some money to get that perfect kitchen and bathroom remodel done."

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