Social Share: 2020 Marks a Year of Home Improvement
In the year when people have spent more time at home than probably ever before, improvement projects have shifted to reflect changing lifestyle trends in the wake of coronavirus.
According to a survey by Porch.com, U.S. homeowners have been focused on making their homes more comfortable and more functional…for the foreseeable future. Here are a few of the most interesting survey findings:
- Almost a third of respondents (31%) noted that they were forced to make changes due to the new way of life under COVID.
- Over three in four (76%) homeowners in the United States have carried out at least one home improvement project since the start of the pandemic; 78% plan to undertake at least one home improvement project in the next 12 months.
- “Finally having the time” was the top motivator (25%). The next top motivators were: “adding value to the home” (21%) and “make your home feel more cozy” (21%).
Among the most popular additions that have been added…or that homeowners are planning to add are:
- High-speed internet connection (33%)
- An outdoor pool (18%)
- A home office (17%)
- A home gym (16%)
Additionally, 44 percent of homeowners introduced a tech improvement to their home.
When it comes to spending, the survey revealed that U.S. homeowners spent a median of $17,140 on improving their homes since the pandemic began, with an average of five improvement projects per household.
To fund their renovations and remodeling projects, 38 percent dipped into their savings, 23 percent used a credit card, while as many as 13 percent used the government stimulus check to finance their home improvement.
The survey also shows that homeowners are leaning into eco-friendly improvements this year, with 34 percent reporting that they made their home more environmentally friendly; in fact, 50 percent of millennial and GenZ respondents took steps toward making their home better for the environment. The most popular eco-friendly home improvements are:
- Solar panels (14%)
- Smart lighting (12%)
- Eco-friendly appliances (11%)
- Composting (11%)