Over Half of U.S. Homeowners Did Home Renovation Project Recently

Charlotte, NC, November 18, 2024-Over half of U.S. homeowners have completed major renovation project in past two years, a Nationwide survey of 1,000 U.S. homeowners found, reports Truist.

The survey found that just over half of respondents had completed a major home renovation project over the past two years. On average, homeowners spent on average $5,128 on their home renovation projects. Empty nesters tended to spend much more on these projects, with an average of $8,670, or 69% higher than the broader U.S. average. This disparity was especially wide for some projects. 

General homeowners spent $36,900 on average for full home remodel projects, versus $90,000 for empty nesters. Nationwide said that the current, complex housing market is pushing many homeowners to upgrade their current homes rather than relocating. The company also said that many of these homeowners were not adequately adjusting their insurance coverage to reflect the higher value of the remodeled home. The survey also found that DIY projects were a top choice due to high contractor costs. The top DIY projects according to the survey were basement renovations, front door replacements, bathroom remodels, kitchen remodels, full-home remodel, and home addition.