Home renovations remain a major initiative for the majority of American homeowners according to the new Houzz & Home survey, with the median spend being $10,000.
While the survey of 87,000 U.S. households was conducted on the eve of the pandemic, Houzz says subsequent research confirms that renovation projects are ongoing even if their nature might have changed. “Over half of homeowners who were in the midst of a project at the start of pandemic were able to continue with renovations,” said Houzz senior economist Marine Sargsyan.
“Some homeowners,” she said, “have opted to delay certain elective renovations due to implications related to social contact, labor and material availability and personal discretionary spending.”
If some projects are on hold others are going ahead, she said. “Maintenance and repairs are more likely to proceed, especially when the need is urgent.”
What’s more, as conditions start to improve and spending activity returns, it could be good news for the entire remodeling and renovation business, “setting the stage for renewed burst of activity following the pandemic.”
Of particular note to the lighting industry, the new survey showed that about 10% of all respondents were likely to pursue a home office project, “a figure that doesn’t take into account the work-from-home trend” that has swept over the country during the pandemic.
San Jose, CA continues as the most expensive metro area to renovate a home, according to the study, followed by Boston, Los Angeles, Miami, San Diego and San Francisco.