Most Homeowners Will Continue With Their 2023 Remodeling Plans
Economic uncertainty and supply chain issues aren’t holding homeowners back from proceeding with remodeling projects
Mitchell Parker
November 10, 2022
Houzz Editorial Staff. Home design journalist writing about cool spaces, innovative trends, breaking news, industry analysis and humor.
Houzz Editorial Staff. Home design journalist writing about cool spaces, innovative... More
If you’re moving forward with your remodeling plans despite economic conditions and some limited availability of materials and products, you’re not alone. The vast majority of homeowners are proceeding with their planned home improvement projects in the face of inflation, supply chain issues and other housing industry factors, according to a new Houzz survey of nearly 4,000 homeowners conducted in October 2022.
The survey also found that only 1% of homeowners have canceled their remodeling projects so far in 2022, while 37% have completed a project. And nearly one-quarter (23%) plan to start a home improvement project in the next 12 months. “For many, conditions like limited choices of available homes and rising interest rates are driving them toward renovations and improving their current home, since the cost of moving into a house that fits their current needs has become so expensive,” says Marine Sargsyan, Houzz staff economist. “Moreover, more than half of the homeowners we surveyed have no intention of selling or moving out of their current residences in the next 20 years — or ever.”
Below are details about the design and remodeling projects homeowners have planned in the next three to 12 months.
The survey also found that only 1% of homeowners have canceled their remodeling projects so far in 2022, while 37% have completed a project. And nearly one-quarter (23%) plan to start a home improvement project in the next 12 months. “For many, conditions like limited choices of available homes and rising interest rates are driving them toward renovations and improving their current home, since the cost of moving into a house that fits their current needs has become so expensive,” says Marine Sargsyan, Houzz staff economist. “Moreover, more than half of the homeowners we surveyed have no intention of selling or moving out of their current residences in the next 20 years — or ever.”
Below are details about the design and remodeling projects homeowners have planned in the next three to 12 months.
Remodeling Preferred Over Moving
Most homeowners seem happy with their current home and neighborhood, and want to stay put. Among the people planning to renovate in the next three to 12 months, 67% want to stay in their current home and update it rather than buy a new home that would fit their needs. Meanwhile, 38% want to stay in the same neighborhood.
Homeowners also say they want to personalize features (32%) in their current home. And many say they’re choosing to stay because it’s more affordable to remodel than buy a different home (23%), and because remodeling is a better investment (22%).
Find general contractors and other pros to help with your remodeling plans
Most homeowners seem happy with their current home and neighborhood, and want to stay put. Among the people planning to renovate in the next three to 12 months, 67% want to stay in their current home and update it rather than buy a new home that would fit their needs. Meanwhile, 38% want to stay in the same neighborhood.
Homeowners also say they want to personalize features (32%) in their current home. And many say they’re choosing to stay because it’s more affordable to remodel than buy a different home (23%), and because remodeling is a better investment (22%).
Find general contractors and other pros to help with your remodeling plans
Popular Projects Homeowners Plan to Tackle
Among the 23% of homeowners who plan to renovate in 2023 or sooner, more than half (58%) will kick off their project in January 2023 or earlier. Nearly one-third of homeowners surveyed already are in the midst of a home improvement project (29%).
The most popular areas being remodeled are bathrooms (37%) and kitchens (33%). To help execute these major overhauls, 91% of homeowners plan to hire at least one professional, including general contractors (46%), electricians (27%) and cabinetmakers (25%).
Shop a curated collection of popular bathroom vanities
Among the 23% of homeowners who plan to renovate in 2023 or sooner, more than half (58%) will kick off their project in January 2023 or earlier. Nearly one-third of homeowners surveyed already are in the midst of a home improvement project (29%).
The most popular areas being remodeled are bathrooms (37%) and kitchens (33%). To help execute these major overhauls, 91% of homeowners plan to hire at least one professional, including general contractors (46%), electricians (27%) and cabinetmakers (25%).
Shop a curated collection of popular bathroom vanities
Updating exterior features and bringing the outdoors in also are top remodeling priorities for homeowners.
Among homeowners currently updating their exterior areas, high on their improvement list are windows or skylights (43%), followed by exterior doors (42%), exterior paint (36%), porches or balconies (32%) and decks (31%).
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Among homeowners currently updating their exterior areas, high on their improvement list are windows or skylights (43%), followed by exterior doors (42%), exterior paint (36%), porches or balconies (32%) and decks (31%).
Search for outdoor design ideas
Updates to systems also are important, given the aging housing stock nationwide. The most common system upgrades for people currently remodeling their homes include electrical (49%), plumbing (48%), heating (34%) and security (34%).
New to home remodeling? Learn the basics
New to home remodeling? Learn the basics
Challenges Homeowners Are Facing
Homeowners usually face challenges and uncertainty while undertaking or even just considering any remodeling project. Among homeowners who completed projects in 2022, many point to supply chain issues for causing problems with obtaining products and materials (37%). Other top challenges were finding the right professionals (35%) and staying on budget (27%).
A nominal share of homeowners (less than 1%) canceled a home improvement project in 2022. They cite current economic conditions, including inflation and uncertainty, as well as a lack of resources to fund the project as reasons.
Meanwhile, 11% of homeowners say they would like to start a home improvement project but are holding off for reasons such as inflation (54%), unable to currently afford it (39%), nonurgency (30%), shortages of products and materials (28%) and still searching for the right professional to hire (23%).
Data for this online survey was collected from 3,884 U.S. Houzz users between Oct. 14 and Oct. 19, 2022.
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Homeowners usually face challenges and uncertainty while undertaking or even just considering any remodeling project. Among homeowners who completed projects in 2022, many point to supply chain issues for causing problems with obtaining products and materials (37%). Other top challenges were finding the right professionals (35%) and staying on budget (27%).
A nominal share of homeowners (less than 1%) canceled a home improvement project in 2022. They cite current economic conditions, including inflation and uncertainty, as well as a lack of resources to fund the project as reasons.
Meanwhile, 11% of homeowners say they would like to start a home improvement project but are holding off for reasons such as inflation (54%), unable to currently afford it (39%), nonurgency (30%), shortages of products and materials (28%) and still searching for the right professional to hire (23%).
Data for this online survey was collected from 3,884 U.S. Houzz users between Oct. 14 and Oct. 19, 2022.
More on Houzz
Read the latest design and remodeling stories
Get design ideas
Find local pros
Shop for products
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I am going to continue with my remodeling projects, mostly because hurricane Ian is did so much damage to my house that I have no other choice. However, instead of hiring out most of the jobs, I'll provide the labor myself. I simply can't afford the cost of the labor market here in Florida.
I just finished a whole house gut/renovation that I started September 2021. The price of materials has sky rocketed and is still painfully high. Things like copper wire for electric, dry wall, timber is priced drastically higher than last year and it doesn't look like the prices will go down anytime soon with our current level of global inflation. In addition, finding a qualified contractor has gotten harder over the past decade, and when you do find someone, you have to be prepared to wait, wait, wait until they can get to you. I would not be surprised if many people who are currently planning to start renovations in 2023 change their minds after getting bids and seeing how much it will cost. Renovating might be less costly than buying another home, but it still isn't cheap.