Home Renovation projects can be extremely heavy on the pockets. Is 2021 home renovation statistics going to show this the year to invest in home renovation? In 2021, with the pandemic still going strong and services being slowed down, you can expect higher prices and slower servicing times. However, since you will be staying inside mostly it is better to get your home renovated so that you can live in peace.
1. Homeowners (22 %) Spend an Average of $10,000 on Renovation Projects (U.S. Census Bureau)
As discussed, home renovations are definitely costly but the pandemic has not decreased the demand for home renovation services providers. In fact, the industry is forecasted to grow since online shopping has made it easier for people to get in touch with a remodeler or buy remodeling supplies directly.
2. Homeowners (76%) Refuse to Travel in 2021 (U.S. Census Bureau)
Building on the point above, since homeowners are prone to staying at home, they are more like to get into renovation projects or start remodeling on their own since they have more time on their hands. This means more demand for remodeling which facilitates our forecast of the industry growing in the near future.
3. The Leading Home Improvement Retailer in the U.S. is ‘Home Depot’ (Statista)
If you are looking for a DIY project then you know where to get the supplies. Home Depot is leading the market for remodeling supplies which could be due to their easy access across the country.
4. 510 Billion USD is the Projected Total for Home Improvement Sales in the U.S. for 2024 (Statista)
Clearly, Statista makes the same forecast we did. The home improvement Industry is definitely making huge money and there are strong reasons behind it as we have discussed. The growth will attract new companies to enter the industry and the growing number of service providers will eventually lead to lower pricing in an attempt to beat competition.
5. The Top Reason for a Home Renovation Project was Identified as ‘having the time for it’ (Statista)
As we said before, the reason this industry is growing during the pandemic is that people mostly stay indoors and they now have the time to invest in home renovation projects. However, many of them end up hiring professional service providers as they continue to work remotely.
6. Over 50% of the Homes in the U.S. are at least 40 Years Old (National Association of Home Builders)
That means that most homeowners will certainly require renovations if they haven’t already done so. Again, good news for the home improvement industry!
It is evident that most people require renovations in their homes from the statistics discussed above. The questions that remain are should you go for it right now, should you do it yourself or should you hire a pro? Considering the current situation and the fact that you’ll be mostly staying indoors, investing in home improvement projects is a great idea.
We recommend getting in touch with Ultimate Cabinets & Interiors. We are experienced and qualified professional remodeling contractors.