Spending on the Rise for Kitchen & Bath Renovations, Says Houzz

Palo Alto, CA, June 28, 2016—Homeowners are investing larger budgets into their kitchen and bathroom renovation projects, according to the fifth annual Houzz & Home survey of more than 120,000 respondents in the U.S.

The average spend on kitchen and master bath remodeling projects in 2015 increased by 12% year over year. Consistent with the last five years, kitchens remain the most popular interior remodeling project (31%), followed by master/non-master bathrooms (22% and 26%, respectively) and living/family rooms (23%). Renovating homeowners also tackled a more diverse set of projects in 2015 than in 2014, with a greater emphasis on upgrades to interior spaces (72% versus 69%) and exterior features like windows and roofing (56% versus 53%).

When it comes to the motivations behind renovations, finally having the time was the top trigger for home renovation projects in 2015 (38%), ahead of finally having the financial means (37%), the top trigger for 2014 projects. Homeowners are renovating instead of buying a “perfect” home largely due to their desire to stay in their current home or lot (49%) or remain in their current neighborhood (31%). Financial considerations such as renovation being a more affordable option or providing a better return on investment (28% each) trail behind.

More information on the survey can be found here: http://www.houzz.com/press/184/Spending-is-on-the-Rise-for-Kitchen-and-Bath-Renovations--Houzz-Survey-Finds.