Many homeowners are choosing to renovate instead of move due to elevated home prices, higher mortgage rates and moving costs. According to a recent Redfin survey, 43% of homeowners chose to renovate in the past year, while two-thirds of renovators did so as an alternative to buying.
“Many Americans are choosing to stay put and make the home they already have work for them,” said Chen Zhao, Redfin’s head of economics research. “That could mean improving outdated spaces, adding space for a growing family or reconfiguring the existing space so it works for everyone.”
The survey found that most recent renovators spent less than $20,000 on their home projects, suggesting many of them are choosing targeted upgrades to help their current home function long-term.
