Following up to my article, America Isn't Moving, It's Remodeling.
The age of U.S. home stock has increased after a lack of new construction the past 15 years and that has opened the door to more and more remodel projects. The demand for remodels projects has drastically increased since the pandemic. Here’s a breakdown of the types of projects based on the home’s age:
Homes built before 1960:
- Median spent: $18,000
- Top 10% spent: $105,000
- Interior upgrades: 70% (mostly kitchens and bathrooms)
- Home system upgrades: 66% (mostly plumbing, electrical and HVAC)
- Home exterior upgrades: 64% (roofing, windows, gutters, paint)
- Outdoor upgrades: 55% (lighting, security, irrigation)
Homes built between 1961 – 1980:
- Median spent: $20,000
- Top 10% spent: $100,000
- Interior upgrades: 73% (mostly kitchen and bathrooms but also living and family rooms)
- Home system upgrades: 66% (mostly plumbing, electrical and HVAC)
- Home exterior upgrades: 62% (roofing, windows, gutters, paint)
- Outdoor upgrades: 53% (lighting, security, irrigation)
Homes built between 1981 – 2000:
- Median spent: $20,000
- Top 10% spent: $104,000
- Interior upgrades: 75% (mostly kitchen and bathroom remodels)
- Home system upgrades: 65% (mostly plumbing and HVAC but equally adding security and home automation)
- Home exterior upgrades: 60% (roofing, windows, paint and a new one—exterior doors)
- Outdoor upgrades: 51% (lighting, security, irrigation)
Homes built in 2001 or later:
- Median spent: $15,000
- Top 10% spent: $90,000
- Interior upgrades: 62% (mostly kitchen and bathrooms but also living and family rooms)
- Outdoor upgrades: 59% (lighting, security irrigation)
- Home system upgrades: 54% (home automation tops system upgrades followed by adding security and updating HVAC)
- Home exterior upgrades: 45% (paint, roofing, gutters and a new one—adding decks)
Read more:
🔗 NAR Realtor | Renovation Plans
