The 2024 Houzz & Home Study* reveals that Gen Xers** spent the most on home renovation projects for the second year in a row. In 2023, their median spend*** was $25,000, followed closely by Baby Boomers at $24,000. Those with higher budget projects (the top 10% of spend) allocated substantial funds for their projects: $180,000 for Gen Xers, $148,000 for Millenials and $131,000 for Baby Boomers. 

In addition to having the highest median renovation spend, Gen Xers also outspent all other generations on kitchen remodels ($25,000). Millennials’ median spend was significantly lower, at $15,000. For bathroom renovations, Gen Xers and Baby Boomers were tied for the highest median spend at $15,000. Millennials followed slightly behind ($12,000) and Seniors spent the least ($8,500).

Perhaps influencing their level of investment, both Millennials and Gen Xers are living in their homes for longer. Nearly a third (31%) of Millenials have lived in their primary residence for 6 or more years (up 8 percentage points from 2022). Almost two-thirds of Gen Xers (62%) have resided in their homes for more than 6 years (up 6 percentage points from 2022).

Baby Boomers have historically led in renovation activity (56%), yet Gen Xers are closing the gap (32%, up 5 percentage points from 2022). Millennials and Seniors had smaller but meaningful renovation activity (9% and 3%, respectively), and Gen Zers trailed at just 0.2%.

While professional hiring remains strong across generational lines, it increases with age, as Seniors are the most likely group to turn to experts for home renovation projects (96%). The oldest two generations also hire specialty service providers most frequently (57% of Seniors and 48% of Baby Boomers). The hiring of design pros, such as kitchen and bath designers, is fairly consistent across the three oldest age groups.

When it comes to renovation funding, savings remain the primary source. That said, credit card use is on the rise. As the second highest funding source, payments via credit cards increased by 5 to 9 percentage points across four age groups compared with 2022. Among those using credit cards, Millennials lead (43%), followed by Gen Xers (38%) and Baby Boomers (35%).

The use of cash from a previous home sale is fairly even across all four generations, but Gen Xers (18%) and Millennials (15%) rely on secured home loans as a funding source more frequently than their older counterparts. Of the four groups, Millennials are the most likely to use other funding sources such as gifts, an inheritance or a tax refund.

Across the four generations, kitchens and primary bathrooms are the most commonly renovated interior spaces. Better lighting is also a priority across the board.

Gen Xers and Baby Boomers are the most likely to upgrade windows or skylights (21%), though Millennials and Seniors follow closely (20%). Gen Xers and Baby Boomers are also the most likely to upgrade their outdoor lighting (23% and 22%, respectively), but Millennials once again follow closely (21%). Outdoor security updates are also popular, with Millennials and Gen Xers updating their outdoor spaces much more frequently (21% and 20%, respectively) than Baby Boomers and Seniors (17% and 11%, respectively).

Millennials and Gen Xers are the most likely to decorate their homes following a renovation, and both age groups are increasingly likely to buy large furniture, with the shares rising from 37% to 44% and 28% to 40%, respectively.

Meanwhile, large indoor furniture purchases dropped significantly among Baby Boomers and Seniors in 2023, decreasing year over year from 59% to 35% and 45% to 26%, respectively. Similarly, Millennials and Gen Xers are buying more large outdoor furniture, while Boomers and Seniors are buying less of it.

For additional home renovation trends, check out the complete 2024 U.S. Houzz & Home Survey at this link and find products related to the trends on the Houzz Shop.

Houzz has over 25 million photos of professionally designed interiors and exteriors, including completed kitchen and bathroom projects, and more than 3 million home remodeling and design professionals including architects, interior designers, general contractors and design-build firms. Houzz Pro provides industry professionals with a business management and marketing SaaS solution that helps them run their projects efficiently and profitably while delivering an outstanding client experience, including estimates, CRM, project management and more.

*The annual U.S. Houzz & Home Study is the largest survey of residential remodeling, building and decorating activity published. The survey covers a wide range of renovation projects in 2023, from interior remodels and additions to home systems, exterior upgrades and outdoor projects. Data gathered includes historical and planned spends, professional involvement, motivations and challenges behind building, renovation and decorating projects, as well as planned activities for 2024. The 2024 study includes more than 30,000 respondents in the U.S. alone, providing insights into the home improvement activity of the millions of users of the Houzz site and mobile apps.

The 2024 U.S. Houzz & Home survey was sent to registered users of Houzz and fielded between January and February 2024.

** Generational categories follow Pew Research Center’s age ranges: Gen Zers (18-26), Millennials (27-42), Gen Xers (43-58), Baby Boomers (59-77) and Seniors (78+).

*** “Median” means that half of the respondents spent more and half spent less; it is not an average. Economists like to reference the median, or midpoint, figure rather than the average because the average can be skewed, can be volatile year over year and can be misleadingly high or low because of a single project that costs far more or less than others. Median spend figures throughout the study have not been adjusted for inflation.

Cover image credit: Clearcut Construction, Inc. (design & construction) © Bobfortner.com (photographer)