Home Improvement Trends for the Next Two Years
Home improvement refers to any activity that makes changes or adds value to a property, often by enhancing the space and functionality of the home. It can include everything from a simple project like painting a wall to a major renovation such as building a new deck.
The number of home improvement projects has soared in the past decade. And spending on those improvements has doubled, according to the 2021 American Housing Survey from the U.S. Census Bureau.
Spending on home improvement grew in each of the last two years, with mean expenditures more than doubling, from $224 billion in 2019 to $624 billion in 2021, the census data show. This increase is driven by homeowners 55 and older, who have a strong desire to upgrade their homes.
In addition, the cost of building materials has increased. But that hasn’t deterred homeowners from making their homes more attractive and safer, a trend that is likely to continue.
During the next two years, a growing share of homeowners will undertake major home improvement projects, based on a survey from NerdWallet. They say these upgrades are often motivated by a desire to sell their homes, but more than half also say they want to make their houses more comfortable for themselves and their families. In fact, the majority of homeowners who plan to take on a home improvement project in the next two years look for inspiration online.