HousingWireHousingWire
As high home prices continue to impact the market, many homeowners are deciding to stay put in their homes. But most still have plans to purse home renovations — and younger generations are leading this new focus on home improvement.
Emmy Award-winning home improvement platform This Old House conducted a survey of 2,000 homeowners on their renovation plans for 2025. Respondents belonged to several subgroups, including millennials, Generation Z, Generation X and baby boomers. Researchers collected the survey data on Nov. 12, 2024.
According to the survey, more than 90% of respondents have no plans to leave their homes in 2025. But renovation plans remained top of mind for most of them. This Old House reported that 48% of homeowners planned to make renovations in 2025. And younger generations led the way for home improvement plans, outpacing their older counterparts.
Millennial homeowners led all generations as 60% intend to renovate in 2025. Gen Z (56%) and Gen X (50%) followed closely behind. Meanwhile, baby boomers were the least likely to renovate at 32%. More than half of respondents who plan to remodel are doing so to “make their living space look better.” Meanwhile, the rest intend to make needed repairs. Other reasons, such as increasing a home’s value or improving comfortability, were also cited.
The survey also analyzed the spaces that renovators are most likely to target in the home. Bathrooms were the most common spaces for intended renovations, with 53% of respondents giving them top priority. Kitchens (51%), living rooms (37%), outdoor areas (32%) and bedrooms (29%) followed behind.
This Old House also noted that some projects could force homeowners to get creative when it comes to financing them.
“Some repairs and replacements may be covered by a home warranty if systems or appliances break down due to normal wear and tear, which can help homeowners navigate some of the financial challenges of homeownership,” researchers noted in the survey. “However, bigger renovation projects often require homeowners to save up.”
Saving up for renovation costs was a significant obstacle for most surveyed homeowners.
According to the survey, one-third of homeowners had to save over time to afford their desired improvements. Another 27% scaled back their renovation plans due to rising costs. Some homeowners said they would not hire professionals, with 20% planning on tackling projects themselves to save money. The survey also pointed out tariffs for building materials as a potential factor in renovation expenses, although respondents were divided on the extent of that impact.
Despite this willingness to renovate in 2025, others aren’t eager to take on improvement projects. A survey by Bright MLS found that most prospective buyers want homes to be “move-in ready” before a purchase, although that study had a smaller sample size of respondents compared to This Old House’s study.
Alongside that, a survey by Houzz highlighted a 60% jump in renovation expenses over a recent three-year period. As home prices and mortgage rates fluctuate in 2025, time will tell whether homeowners adjust their plans to sell, stay put or renovate.
