The National Association of Home Builders (NAHB) analyzed data from the Consumer Expenditure Survey and revealed which demographics are fueling the remodeling market. Married-couple households remain the dominant force in remodeling, accounting for the majority of both projects and spending.
The Consumer Expenditure Survey examined remodeling spending in 2024, when an estimated $670 billion was spent on remodeling projects. Approximately 20 million households, nearly one-quarter of owner-occupied homes, undertook home improvements ranging from large additions and major renovations to smaller alterations and upgrades.
Families with children, particularly those with kids ages 6-17, are investing heavily in larger-scale improvements like finished basements, kitchen upgrades and home additions to better accommodate growing households. These households reported some of the highest spending levels across all categories, averaging $43,330 spent in 2024.
When comparing generational groups, Baby Boomers represented the largest share of total remodeling expenditures. Millennials are emerging as the highest spenders per remodeling household, often focusing on additions and long-term upgrades that support growing families, remote work and evolving lifestyle needs.
Homeowners aged 35 to 44 and 55 to 64 reported the highest remodeling expenditures, suggesting two major waves of investment. One is tied to family formation and another is linked to pre-retirement and senior preparations.
