Homeowners, while still committed to home improvement projects, are likely to be more deliberate in their decision-making.
Americans continue to believe in improving their homes — they just want to be a little more prudent about it. And increasingly, it’s more about quality of life than a real estate investment.
A newly released study, the 2027 State of American Home Renovation, from the supplier Great Day Improvements, found that homeowners “remain committed to investing in their homes.
“Recent years have seen the home-improvement industry defined by changing factors, from the pandemic-fueled boom, supply chain disruptions, inflation and labor shortages to rapidly changing consumer expectations,” said Drew Weinfurtner, president and CEO of the Cleveland-based Great Day. “Today, in the midst of some economic uncertainty, homeowners still want to make improvements, but decisions are being driven more by deliberation and less by urgency.”
Weinfurtner said the leading motivators for undertaking home improvement projects were comfort, 47 percent, and aesthetics, 44 percent. “In 2027, we expect homeowners to be more intentional, selective and focused on getting the most value from every dollar they spend.”
Among the other findings of the survey were that 39 percent of homeowners found that transparency in pricing — “the new trust currency” — was their top factor in picking a renovation company. About three-quarters of millennial-aged homeowners renovated in the past year but baby boomers undertook projects at a much lower rate, citing “no pressing need” as a big factor. Overall, about 75 percent of those homeowners surveyed said they plan to renovate in the next 12 months.
“The era of renovation at any cost appears to be fading,” the report concluded.
