March 1, 2024

A new home survey released today by G&S Business Communications (G&S), an award-winning, integrated marketing communications agency, reveals that more than half (58%) of U.S. homeowners are planning to make renovations to their current home within the next five years. The survey also delves into renovation motivations, budgets, and design and product preferences.

“The home renovation and real estate industries experienced rapid growth during the pandemic, and while spending and selling have slowed recently, these results tell us that homeowners are motivated to renovate in the near future,” said Meredith Topalanchik, managing director, G&S. “As home product manufacturers and professional remodeling, design and real estate companies continue to look for opportunities to connect with customers, it’s important to consider where prospects are now in their homeownership journey and what inspires them to renovate.”

Of the 58% of homeowners planning to make renovations within the next five years, a majority (54%) say their primary motivation behind this decision is to have the home’s design reflect their preferred style. When looking at generational preferences, more than half of both Gen Z (54%) and Millennials (59%) cite updating to preferred design style as the main motivation, but Baby Boomers dominate this response, with nearly two-thirds (64%) citing that reason.

This desire for a home design refresh among all age groups supports with the findings that 41% of respondents feel their home is stuck in the decade in which it was built, with 55% citing that both the interior and exterior of their home is original to that decade. Most respondents’ homes were homes built between 2000-2009 (19%) and 2010-2019 (14%), though results varied among the decades.

Making a Big Impact on a Small(er) Budget

With more than two-thirds (69%) of respondents saying their renovation budget is below $50,000, homeowners may be looking for smaller changes that still have a big impact. The top three rooms or parts of the home that respondents plan to renovate in the next five years are the kitchen (32%), bathroom (20%), and the main living space (14%). Aligning with these findings, the top product categories homeowners are considering for a renovation include countertops (54%), flooring (48%) and cabinetry (45%).

Additionally, 70% of respondents say they would be willing to spend more money on essential large-ticket items, like appliances or furniture, that are high-quality and long-lasting. Eco-friendliness (18%), extended warranty (6%), and on-trend design (5%) do not have as significant of an impact when it comes to homeowners’ willingness to spend more.

For homeowners who are unsure or do not have plans to renovate within the next few years, the top barrier is budget, with 44% of all respondents citing this as their main reason. However, with an overwhelming majority of homeowners surveyed (80%) saying they are very or somewhat comfortable in making basic DIY upgrades without hiring a professional, many may feel empowered to take on projects themselves to save on labor.

The Power of Technology and Safety

Today’s homeowners are acknowledging the benefits of smart, connected products. More than three-quarters (78%) of respondents note that incorporating smart home technologies and internet-connected devices when renovating is very or somewhat important. Among the myriad options for smart home devices, lighting (58%), alarms/monitoring systems (46%) and cameras (38%) are the top product categories on respondents’ wish lists, suggesting that safety and security are homeowner priorities.

Homeowners find design inspiration from a variety of places, but the number one source of information according to the survey is home product brand websites (45%), with Instagram as the second-most popular source (44%). Retailer websites and Pinterest (tied at 41%), television shows (35%) and TikTok (26%) round out the top five.

Photo credit: G&S Business Communications