The 2024 U.S. Houzz & Home Study was released last week, showing renovation spending has jumped in the last three years. More than half of homeowners remodeled their homes in 2022 (56%) and nearly half made repairs (47%).

New doors, it turns out, were more popular than new windows in 2023, though interior and exterior doors were 14th on a list of the top 28 most frequently purchased home improvement upgrades. Doors drew 25% of home improvement related purchases, while windows pulled the 18th spot, tying with laundry appliances, at 18% of home improvement related purchases.

At the same time, the report indicates that median spend increased 60% from $15,000 in 2020 to $24,000 in 2023. That number is reflective of an increased percentage of homeowners spending in that range—rising from 44% in 2021 to 51% in 2023. Those figures include some surprise costs, as the report found that 39% of homeowners went over budget in 2023, while 34% stayed on budget. Reasons for budget busting range from “unforeseen costs for products and services,” to “increased project complexity” and “choosing more expensive products and materials.” Only 3% of homeowners stayed under budget.

Renovation activity continues into 2024, with more than half of homeowners planning projects this year (52%), at an anticipated median spend of $15,000. The median spend for high-budget projects is expected to be $80,000. If the rest of the calendar year follows the last three, window companies can breathe easy: More than half (around 58%) of homeowners have been making home exterior upgrades each year from 2021 through 2023.

In a look at what rooms homeowners tend to renovate, the report shows kitchens to be the most popular (27%), with the bulk of that work focusing on cabinetry. The living room and bedrooms all fall behind bathrooms in importance—19% for the living room, 15% for guest bedrooms and 14% for the primary bedroom. But windows and skylights are the second most popular choices, at 21% among top exterior upgrades, with a median spend of $6,000. Exterior doors were the fifth most popular project, with 18% of those homeowners surveyed looking to upgrade entryways.

Despite a jump in do-it-yourself projects four years ago, it appears that homeowners may have learned their lessons. Now that the pandemic is over, nine out of 10 homeowners turn to professionals for renovation work. That’s an increase in specialty service providers (think specifically window installers versus a general contractor) from 46% in 2022 to 47% in 2023. In fact, the hiring of general contractors dropped from 44% in 2022 to 42% in 2023.

Among the key targets for door and window dealers are Gen Xers and Baby Boomers, as they’re the most likely to prioritize windows. According to the survey, it’s all about light.

Leave a Reply

Your email address will not be published. Required fields are marked *