Learn some intriguing facts about home remodeling and how Southern Home Remodeling can help bring your outdated home into the 21st century
Few things are as thrilling as starting a home remodeling project, as anyone who owns a home will attest. Whether it’s finally modernizing your 1980s kitchen or your bathroom that just doesn’t function as you need it to, remodeling homes is on the rise. You’ll learn some intriguing facts about home renovation in this post.
Top 10 Home Remodeling Facts and Stats
- In 2018, remodeling a kitchen cost, on average, around $14,000.
- In the United States, most houses need remodeling and improvement because around 80% of them are at least 20 years old.
- More than 50% of houses in the US were built before 1980.
- Single people are less likely to make home improvements than married people.
- Sales from hardware stores in 2018 in the US amounted to $49.7 billion.
- DIY sales from lumber yards in the US amounted to $103.6 billion in 2019.
- Home Depot alone made around $97.3 billion in sales in 2018.
- Spending on home improvement is growing at twice the rate of all the other categories of retail.
- Median spending on home remodeling was $18K in 2021.
- The most popular home improvement project in 2021 was interior painting.
Out with the Old
While those are some pretty interesting home remodeling facts, the one we find most staggering is that more than 50% of houses in the US were built before 1980. That means more than half the population is in desperate need of an update. Southern Home Remodeling has been remodeling homes for decades. We’ve seen some really outdated rooms and really enjoy bringing them up to code and giving homeowners a much-needed sense of renewal.
Remodeling Projects to Consider
For homeowners who want to save on insurance, there are five remodeling projects to consider. As general contractors, SHR is able to help homeowners save on insurance by helping with some of these projects. These projects will help with reducing your home insurance premiums: putting in an alarm system; updating the heating, plumbing, and electrical units; putting in a new roof; installing gas and smoke sensors; installing a generator.
Home Remodeling Trends
In 2021, 55% of homeowners tackled a remodeling project, a 2% increase from the previous year. The aging housing inventory in the United States and the record number of home sales during a period of strong price growth in the housing market contributed to the rise in remodeling activities in 2021.
Recent buyers (those who have owned a home for less than a year) chose older properties or/and homes in need of modifications because that was more affordable than purchasing a new home.
The most popular home improvement project in 2021 was interior painting followed by bathroom remodeling. Painting is one of the most affordable updates you can do to your home. Kitchens happen to be the most expensive room to update because homeowners are usually remodeling every square inch, from floors to cabinets to appliances.
It’s Time for a Home Makeover
Whether you fall into the 50% of homes that were built more than 40 years ago or you recently bought a fixer-upper, Southern Home Remodeling is here to help with your home improvement project. Talk to one of our home remodeling experts and discuss your wishlist. We’ll find the most affordable way to about your home remodeling project!