According to a recent survey from Redfin, more homeowners are choosing to renovate their homes rather than relocate. Around 43% of Americans renovated their home in the last year and another 33% plan to renovate in the next year. Approximately 65% of homeowners who recently renovated chose to upgrade their current home instead of moving. Of the homeowners who are planning to renovate in the next year, 71% say that they are remodeling instead of buying a new house.
“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 “That could mean improving outdated spaces, adding space for a growing family or reconfiguring the existing space so it works for everyone. Younger homeowners are especially likely to renovate instead of jumping to a different house; they’re earlier in their homeownership journey and more willing to invest in improvements to build equity. Those with kids living at home are often motivated to plant deeper roots where they are so they can stay in the same school district and community.”
