Source: “Houzz & Home Survey,” Houzz (June 5, 2019) | Realtor Magazine
The kitchen is often considered the centerpiece of a home, so it’s not surprising that it tops most homeowners’ renovation lists. Homeowners are spending more to outfit their kitchens, too. Kitchen remodel spending jumped 27% in the past year, reaching a median of $14,000 on upgrades, according to a newly released Houzz & Home survey of more than 140,000 homeowners.
After the kitchen, the next biggest remodeling expenditures are for guest and master bathroom remodels, which increased over the past year by 17% and 14%, respectively, the survey found.
The higher overall costs on remodeling spending is likely due to the increased costs of imported building materials, the survey notes.
“Last year’s 10 percent increase in tariffs on imported building materials is likely one of several forces hitting consumer pockets in areas such as kitchen and bathroom remodels that are heavily dependent on imports of cabinetry, countertops, ceramic tile, plumbing fixtures, and vinyl flooring from China,” says Nino Sitchinava, Houzz principal economist. “We expect similar effects to take place in 2019 given the recent breakdown in trade negotiations.”
Top Remodeling, Decorating Projects
Slightly more than half of the 140,000 homeowners surveyed say they plan to continue or begin home renovations this year. They expect to spend a median of $10,000 on upcoming projects, the survey showed.
What are some of the most popular projects?
Security upgrades were one theme of projects that showed a significant rise in popularity. Homeowners are spending a median amount of $500 on items like smart outdoor security cameras, which can be monitored or controlled from a mobile device. Younger generations are the most likely to focus on home security upgrades, according to the survey. Read the full article here
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