If you’ve gotten an estimate for a home project in the past year and wanted to simultaneously spit take and ugly cry, congratulations! You’re a living, breathing, rational human existing on planet Earth. And our deepest condolences, because we understand that the kitchen isn’t going to remodel itself and that budget you thought was reasonable to redo the whole thing will now only cover a new coat of paint for the cabinets.
It’s a reality we’re all facing—renovation activity and spending are the highest they’ve been since 2018, according to Houzz’s 2022 Renovation Trends Report. And that’s not all: The median amount homeowners are spending is up 20 percent year over year, to about $18,000 on average.
With fewer homes on the market—and those that are often older houses, given supply chain issues disrupting new home construction—people are spending more to renovate what they’ve got (or recently bought). “Homeowners are clearly committed to investing in their homes, despite heightened product and material costs driven by supply chain disruptions,” says Marine Sargsyan, Houzz staff economist. “This is especially pronounced among recent homebuyers, who rely heavily on cash from previous home sales to fund their projects.”
So, what are some of the biggest costs people are incurring? Here’s a glimpse, based on Houzz’s survey of roughly 70,000 people.