How a Home's Age Influences Owners' Renovation Plans
Thursday Nov 24th, 2022
A new study identifies the improvement projects homeowners prioritize based on how old their home is.
A home’s age may influence the type of renovation projects the owner prioritizes, according to the 2022 Houzz & Home Renovations By Age(link is external) study. Houzz researchers analyzed the renovation activity of more than 70,000 respondents to understand the types of projects that typically arise when a home reaches a certain age.
“One of the driving factors for home renovation and design in the U.S. is our limited and aging housing stock,” says Marine Sargsyan, a staff economist at Houzz. “With interest rates and mortgage rates on the rise, many homeowners are choosing to stay in their homes and pursue renovations that tailor their space to their current needs. Others may move to fixer-uppers, which typically have a lower cost threshold for entering homeownership. Our research reveals common themes among renovating homeowners to provide guidance on the types of projects that may be anticipated based on the age of each home.”
Homeowners with houses built between 1961 and 2000 tend to invest the most in renovations—a median of $20,000, the survey shows. The following is a breakdown of the common projects by the home’s age.