New Data: Home Renovation Trends in 2024

Renovation Costs | Repair Costs | Popular Home Renovations | Future Projects | Renovation Regrets | Renovation Timeline | Hiring a Contractor | The DIY Approach | DIY Inspiration

American homeowners have been in a fix-up frenzy since the pandemic, when increased time indoors sparked a desire to make their homes more comfortable and functional.  

Although stubborn inflation has pushed remodeling costs higher in recent years, homeowners are still expected to spend $485 billion on renovations in 2024 — up from $363 billion in 2020.  

Homeowners are pouring more money into renovations thanks, in part, to a challenging housing market. With high prices and rising interest rates making homeowners reluctant or unable to move, many are opting to change their current home to meet their needs. 

In fact, 63% of homeowners would prefer to remodel their home rather than move to one that has already been renovated, according to a new survey of 1,000 homeowners from Clever Real Estate. 

Home-buying and moving costs are certainly a motivating factor when choosing to remodel, but homeowners also renovate for a variety of reasons, including:

• To repair damage (35%)
• To increase comfort (35%)
• To improve the livability of their home (32%)
• To enhance their home's aesthetic appeal (32%)
• To personalize their home (31%)
• To increase their home's value (30%)

Renovating a home can be an exciting experience. It allows homeowners to show off their creativity and add personal touches — while potentially using fun new power tools or a sledgehammer. In fact, 45% of homeowners are more likely to remodel their home because they want to, not because they need to. 

However, even seemingly easy projects can end up being more expensive and time-consuming than expected. Approximately 78% of homeowners went over budget on their last renovation, and 41% experienced significant delays. 

In the end, nearly 3 in 4 homeowners (74%) who remodeled have regrets about their renovation. 

Keep reading to learn more about homeowners' renovation choices in 2024. 

Nearly 2 in 3 Homeowners Acquired Debt to Pay for Renovations

Home renovations might seem easy and affordable on HGTV, but for most homeowners, that's far from reality. About 87% of homeowners faced challenges during their last home renovation. 

The most common challenge was budget constraints (27%), followed by managing stress (26%) and making decisions (24%). 

Bringing a home improvement project to life within a set budget can certainly be a challenge, especially when homeowners tend to underestimate the true cost of renovations. Over the course of their occupancy, 49% of homeowners have spent more money on renovations than they originally expected. 

In 2023, nearly half of homeowners (48%) spent at least $5,000 on renovations, while more than one-third (37%) spent at least $10,000. 

Homeowners are investing even more in their homes in 2024, with 44% saying they're spending more on remodeling projects this year than they did last year. With three months left to go in the year, 45% of homeowners have already spent $5,000 or more on renovations, while 36% have spent $10,000 or more.

Despite stubbornly high remodeling costs and interest rates, the trend of big spending on renovations is likely to continue in 2025. About 53% of homeowners say they plan to spend $5,000 or more next year, while 40% plan to spend $10,000 or more.

With such big budgets, a majority of homeowners (55%) say they need to save for at least a month to pay for their home improvement project. Depending on the type of renovation, though, it may take longer. More than 1 in 3 homeowners (34%) need to save for at least three months, and 1 in 5 (20%) need at least six months. 

The problem, however, is that renovations tend to cost much more than homeowners expect and end up surpassing even the most carefully constructed budgets. More than 3 in 4 homeowners (78%) went over budget on their last project, with 44% exceeding their budget by at least $5,000 and 35% exceeding their budget by at least $10,000. 

While nearly 1 in 3 homeowners (32%) have stopped a renovation midway through because of unexpected costs, about 2 in 3 (63%) have chosen to take on debt to pay for its completion. 

About 33% of homeowners borrowed $10,000 or more to pay for their home remodel, but 36% struggled to pay their credit card bill after their home renovation was complete. 

With remodeling costs straining homeowners' finances, 41% say they'd prioritize cost over quality on renovations. 

85% of Homeowners Have Had Unplanned Repair Costs in 2024

On top of renovation costs, many homeowners are hit with surprise expenses for unplanned repairs. 

About 85% of homeowners report spending money on unplanned repairs in 2024, with 42% spending $5,000 or more and 33% spending $10,000 or more. 

About 44% of homeowners say they are spending more on these expenses in 2024 than they did in 2023 as inflation and ongoing labor shortages continue to drive up the costs of goods and services. 

What's more, nearly half of homeowners (48%) say they've spent more on unplanned repairs than they expected when they bought their home. 

The Most Common Home Renovations in 2024

Despite the cost of remodeling, 94% of homeowners have completed a major renovation in the past five years. The most common major renovations include:

• A bathroom remodel (37%)
• Interior painting (33%)
• Heating and air conditioning upgrades (30%)
• Roof or gutter replacement (29%)
• Plumbing upgrades (28%)

About 93% of homeowners have also completed a minor renovation in the past five years. The most common minor renovations include:

• Installing new faucets (36%)
• Installing new light fixtures (35%)
• Minor kitchen updates (34%)
• Minor bathroom updates (34%)
• Repainting rooms (33%)

Homeowners may think spending more money on major renovations will lead to a higher resale value, but minor renovations often have a better return on investment. 

For example, homeowners who complete a minor kitchen remodel recoup about 96% of the cost when they sell, while homeowners who complete a major upscale kitchen remodel recoup just 38% of the cost. 

One of the best changes homeowners can make is upgrading their garage door, which is worth 2x the money it takes to replace it. However, only 19% of homeowners have completed that renovation in the past five years. 

90% of Homeowners Have Put off Home Renovations

Not everyone could afford to remodel in 2024, but those homeowners aren't ditching their renovation plans entirely. They're simply deferring them. 

About 90% of homeowners have put off home renovations, with 42% saying they've had to delay their plans because of financial constraints. 

Although financial constraints is the most common reason homeowners have postponed their renovations, they also chose to wait because: 

• They are satisfied with their home's current condition (33%)
• They don't have enough time (30%)
• It would disrupt their daily life (27%)
• They would have trouble finding reliable contractors (24%)
• They think they might regret making changes (19%)

Still, 93% of homeowners plan to pursue a major renovation in the future. Yet the significant cost and disruption to daily life associated with remodeling may make homeowners hesitant to move forward on a project until absolutely necessary. 

More than half of homeowners (54%) wait about five years between renovations, while more than a third (35%) wait about 10 years. 

Other homeowners may wait to see how their needs and lifestyle change before committing to updates. When deciding which projects to tackle first, 52% of homeowners prioritize repairs that are the most necessary, followed by 45% who prioritize renovation costs, and 36% who prioritize the renovation's impact on daily living. 

Renovation priorities tend to vary among generations, whose different life stages often determine their home improvement approach. 

Millennials and Gen Z, who are more likely to move in the future, are more focused on renovations that will yield a return on investment. Compared to boomers, millennials are nearly 3x more likely and zoomers are nearly 2x more likely to prioritize home renovations that could increase a home's resale value.

In contrast, baby boomers prioritize necessary repairs over value-boosting projects, especially because more than half of boomers (54%) never plan to sell their home.

Regardless of what impacts their decision, the most popular renovation projects on homeowners' wish lists are:

• A kitchen renovation (31%)
• A bathroom renovation (31%)
• Flooring upgrades (26%)
• Interior painting (25%)
• Landscaping updates (24%)

74% of Homeowners Have Regrets About Their Renovations

Homeowners who invest in their home through renovations often reap rewards far beyond increasing their resale value. Nearly all homeowners (92%) say their home improvement projects have had at least one positive impact on their life, including: 

• Increased enjoyment of their home (40%)
• Feeling more comfortable in their home (35%)
• Feeling more proud (32%) and less embarrassed (19%) of their home

Even when the end result is positive, that doesn't mean the home renovation process was easy. Homeowners often encounter unforeseen challenges when remodeling that can lead to mixed emotions. 

More than 1 in 3 homeowners (39%) say their renovation caused at least one negative impact on their life, with the effects lingering long after the project was complete. Homeowners say their renovation caused:

• Stress and anxiety (15%)
• Debt (14%)
• Guilt for spending so much money on their home (14%)
• Nerves that they'll ruin their brand new renovation (13%)

In the end, 74% of homeowners who remodeled have regrets. The most common regrets include:

• They spent too much money (24%)
• The renovation took too long (22%)
• They underestimated the disruption to daily life (18%)
• They went into debt (16%)
• They chose the wrong contractor (15%)

What's more, 1 in 9 homeowners (11%) regret that they dislike the end product of their renovation. A whopping 47% go so far as to say that they liked their home more before they remodeled it. 

Although homeowners of all generations experience regret, young people are more likely to experience more. About 89% of Gen Z and 82% of millennials have regrets about their home renovations, compared to just 51% of boomers.

More Than Half of Homeowners Say Renovations Take Longer Than Expected

Anyone who's seen the home renovation comedy "The Money Pit," starring Tom Hanks, knows a home improvement project always takes longer than the "two weeks" contractors keep promising. 

The running joke isn't that far off from reality. About 58% of homeowners agree that renovations have a way of taking longer than expected. 

Whether they hire a contractor or do it themselves, nearly half of homeowners are spending more time on planned home renovations (48%) and unplanned repairs (49%) than they expected when they bought their home. 

For instance, 54% of homeowners thought their most recent home renovation would take one month or less, but just 48% say their renovation was completed during that time frame. 

Remodeling projects can take longer than expected for a variety of reasons, including material shortages, hidden damage, weather, and contractor scheduling conflicts. 

Hiring a contractor has a lot of advantages, but one of the disadvantages is that projects do tend to take longer. From the start, 1 in 4 homeowners (22%) say it was challenging to find a reliable contractor, with 41% saying it took more than one month to find one. 

In addition, contractors often need to get permits, which added an additional month in the renovation timeline for 1 in 3 homeowners (33%). Some homeowners are so impatient that 35% say they would try to forgo necessary permits in an effort to get their renovation done more quickly. 

Even after a renovation is complete, it can take time to clean up and return to a normal routine. About 1 in 3 homeowners (34%) say it took a month or more to settle back into their home after their most recent renovation project.

Contractor-Completed Renovations More Likely to Exceed Budget, Experience Delays

One of the biggest decisions at the start of a renovation project is whether to hire a professional or take a DIY approach. Using a contractor is often more convenient, and almost two-thirds of homeowners (62%) ended up choosing this option for their most recent renovation project.

Although contractors have a wide range of home improvement skills, homeowners are most likely to hire them for:

• Heating and air conditioning upgrades (66%)
• Plumbing upgrades (65%)
• Adding a home extension (65%)
• Electrical upgrades (64%)
• Roof or gutter replacement (64%)

About 70% of homeowners would hire the same contractor they previously used for future projects, but not everyone was satisfied. The most common problems that led to a bad experience with contractors include:

• Overcharging: Working with a contractor is already pricey — leading 37% of those who hired a professional to finance their renovation through a loan, compared to 27% of DIYers. But some contractors may take advantage of homeowners by providing vague estimates or inflating prices that lead to extra budget-busting costs. About 53% of homeowners who used a contractor went over budget on their most recent renovation, compared to 42% of DIYers.

• Unreliable scheduling: Homeowners are often at the mercy of their contractor's schedule and timeline. This can cause missed deadlines. Nearly half of homeowners (46%) who hired a contractor had significant delays during their renovation, compared to 32% of DIYers. What's more, 32% of homeowners say a contractor they've hired has failed to show up and even start the project.

• Poor work quality: Contractors' work may not always meet homeowners' expectations. In fact, 39% of homeowners think their contractor cut corners on their renovation, and 38% report having to make unplanned repairs after the renovation was completed.

It's no wonder homeowners who used a contractor (54%) were 15% more likely to be stressed during their renovation than those who took a DIY approach (47%). For some, continuing the relationship becomes untenable, with 29% saying they've fired a contractor in the middle of a project. 

Despite the challenges of working with a contractor, homeowners who hired a pro on their most recent renovation (76%) were slightly more satisfied with the results than those who took a DIY approach (71%).

1 in 3 Homeowners Would Hire a Questionable Contractor to Save Money

Although many professional contractors are trustworthy and reliable, so many negative experiences have contributed to a bad reputation in the minds of many consumers. 

It's no surprise, then, that reputation is the most important factor when deciding on a contractor (25%). After reputation, homeowners value:

• Experience (23%)
• Cost (19%)
• Recommendations from friends and family (13%)
• Availability (11%)
• A short project timeline (10%)

Homeowners are willing to sacrifice these priorities, though, to save money. For a lower price, 64% say they'd work with a contractor with a longer project timeline, and 33% say they'd consider hiring a contractor with a questionable reputation.

Half of Homeowners DIY Renovations to Save Money

With many homeowners wary of contractors, 93% would be willing to DIY a home renovation project.

More than half of homeowners (52%) would DIY a home renovation project rather than hire a professional to save on costs. But doing something yourself is no longer a surefire way to save money. 

Supply costs have risen, and without proper knowledge or skills, homeowners may spend money fixing a project they didn't do correctly the first time. In fact, 47% of homeowners say they've spent more on DIY projects than they anticipated when they purchased their home. 

Although saving money is one of the greatest benefits of the DIY approach, it's not the only reason homeowners would do a project themselves. Homeowners would also DIY because:

• They can handle it themselves (39%)
• They want to work at their own pace (33%)
• They have a friend or family member with DIY skills (32%)
• They want to ensure quality (31%)
• They want to save time (30%)

The best DIY projects for homeowners tend to be those that don't require complex tools or advanced knowledge of home improvement. The renovations homeowners feel the most comfortable doing themselves are:

• Interior painting (62%)
• Installing new light fixtures (61%)
• Sealing or staining a deck (59%)
• Installing new faucets (58%)
• Landscaping (56%)

Although homeowners can often tackle easy projects themselves, some are better left to the professionals. Still, more than 1 in 3 homeowners think they can DIY: 

• A roof replacement (36%)
• An electrical upgrade (36%)
• A home addition (35%)
• A plumbing upgrade (35%)
• An HVAC repair (34%)

Without proper skills, attempting complex repairs can be dangerous and may cause further damage. In fact, 35% say they've had to completely redo a home renovation project. 

That doesn't deter 1 in 15 homeowners (6%) who say they're more likely to only DIY projects. By contrast, 7% of respondents say they'd never DIY a home improvement project and would always use a contractor for renovations. 

Boomers are the generation most likely to hire a professional for all projects — likely because they have the financial means to pay for expensive renovations. Boomers (13%) are 3x more likely than millennials (4%) to say they would never DIY a home project.

Fixer Upper's Chip, Joanna Gaines Still Popular Source of Home Design Inspo

Beautiful and creative spaces can be found all over the web, but the most popular platform for home improvement information and inspiration is YouTube, with 39% of homeowners saying it's their go-to site. 

HGTV and Pinterest are a close second at 31% each. These platforms are particularly popular among women, with 34% saying HGTV and Pinterest are their preferred home renovation sites. Meanwhile, 45% of men say YouTube is their favorite. 

Although YouTube and Pinterest are the most popular social media platforms for remodeling ideas, TikTok and Instagram also have a large following — especially among young people. About 40% of millennials and 33% of Gen Z use TikTok for home renovation inspiration, while 37% of millennials and 29% of Gen Z use Instagram. Just 3% of boomers use TikTok and 6% use Instagram, making them 13x and 6x less likely than millennials to use these platforms, respectively.

Social media is popular with young homeowners because it allows them to easily access and follow their favorite home renovation influencers — the most popular of which are: 

• Chip and Joanna Gaines from "Fixer Upper" (21%)
• Drew and Jonathan Scott from "Property Brothers" (21%)
• Bob Vila, Steve Thomas, and Kevin O’Connor from "This Old House" (21%)

Once the design phase of a project is complete and it's time to get to work, most DIYers head to Home Depot or Lowe's for supplies. 

Home Depot is the most popular hardware store, with 46% of homeowners saying they're very likely to use the retailer, compared to 43% who are very likely to use Lowe's, 34% who are very likely to use Sherwin Williams, and 30% who are very likely to use Ace Hardware. 

As the world's largest paint and coating company, it's no surprise Sherwin Williams is one of the most widely used retailers for DIYers who need to paint. Among those who painted their homes, the most-loved hues are:

• White (42%)
• Beige (35%)
• Light gray (32%)

Color preferences vary greatly by generation, however, as different home design trends influence their aesthetic choices. 

Boomers haven't left the early 2000s and still prefer beige as their primary home color (36%). In a repudiation of their parents' style, millennials embraced a new neutral color. Although millennial pink had its moment, more than half of millennials (51%) opted for white when painting their home. 

About a third of Gen Z (38%) also painted their home white, but they're not as adverse to color as millennials. The second-most popular color among Gen Z is green, with 29% saying they used the color in their homes. That's nearly 2x more than the percentage of millennials (15%) and boomers (14%) who also opted for a shade of green. 

Methodology

Clever Real Estate surveyed 1,000 American homeowners regarding their choices when it comes to home renovations. This survey was conducted Aug. 14 to 16, 2024. The margin of error is +/- 3%.

About Clever

Since 2017, Clever Real Estate has been on a mission to make selling or buying a home easier and more affordable for everyone. 12 million annual readers rely on Clever's library of educational content and data-driven research to make smarter real estate decisions—and to date, Clever has helped consumers save more than $160 million on realtor fees. Clever's research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more.

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