More than half of homeowners renovated their homes in 2024 (54 percent) at a median spend of $20,000, according to Houzz Inc. The 2025 U.S. Houzz & Home Study of nearly 22,000 U.S. respondents found that overall median spend dipped from its peak in 2023 ($24,000) though it remains above 2021 levels ($18,000). Homeowners in the top 90th percentile spent $140,000 or more on renovations, down from $150,000 in 2023.
“The softening in renovation spend reflects the impact of elevated borrowing costs and the rising prices for everyday goods and services, which limit how much homeowners can allocate toward home improvements,” said Marine Sargsyan, Houzz staff economist. “What stands out, however, is homeowners’ ongoing demand and consistent investment in sizable kitchen and bathroom upgrades. Perhaps even more telling, notable growth in spend on smaller spaces signals that even amid economic pressures, homeowners are prioritizing meaningful improvements no matter the size of the home.”
Professional hiring remains widespread across project type and size, with 9 in 10 homeowners choosing to work with a pro (90 percent). Nearly half of renovating homeowners hire specialty service providers (49 percent), up from 46 percent in 2022.
More than half of renovating homeowners hold full equity in their homes (56 percent) and they’re committed to living there long-term with 3 in 5 planning to stay put for at least 11 years following their project (61 percent). Pent-up demand continues to be the strongest motivator for home upgrades, with homeowners reporting they finally have the time and means to pursue a renovation (40 percent and 35 percent, respectively).
Baby Boomers and Gen X homeowners continue to lead in renovation activity (59 percent and 29 percent, respectively), with a similar spend to the national median of $20,000 each. Though representing a smaller share of renovators, Seniors outpaced both generations in median spend at $22,000. Gen X renovators are the most likely to undergo luxury projects with the top 10 percent of homeowners exceeding national levels and spending $150,000 or more, followed by Baby Boomers and Millennials at $125,000 or more each.
Meanwhile, renovating Millennials are gaining tenure in homeownership, with a 5 percentage point increase in those who have lived in their homes for six or more years (36 percent).
The full report is available here.