Homeowners are spending more on remodeling projects than they have since the Great Recession, with a high volume of the spending being allocated to simple, high-return-on-investment projects, Inman reports. Projects such as replacing carpeting or restaining floors are most popular among homeowners. According to the Harvard University Joint Center for Housing Studies, 5.2 million homeowners made interior upgrades to carpets, floors, paneling, or ceiling tiles in 2017, making it the most popular home improvement category.
The most common system to be upgraded was the plumbing, with 4.1 million homeowners spending an average of $1,360; it was the second most popular remodeling project overall.
Adding built-in dishwashers and garbage disposals, changing windows and doors, and installing water heaters come after. Nearly 3.7 million homeowners spent money on each of these projects.
The bottom half of the top 10 most popular projects includes exterior projects and additional systems. Roofing, bathrooms, and landscaping and sprinkler systems were part of renovations for 3.4 million, 2.9 million and 2.8 million homeowners, respectively, while 2.7 million and 2.2 million also worked on central air-conditioning and electrical wiring and fusing.
Remodeling projects are also much more popular among older homeowners. More than half of all who undertook one in 2017 were over 55 years old. That said, younger homeowners are increasingly undertaking home improvement projects. The number of those who started one under age 35 rose 6% to 7.3 million between 2015 and 2017. The group in general is spending $22 billion, or 20% more, than it was before.
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