73% of Homeowners Plan to Make Home Improvements This Year

March 5, 2019, Written By John H. Oldshue
73% of Homeowners Plan to Make Home Improvements This Year

According to a new study from The Harris Poll, 73% of homeowners plan to make home improvements this year. This is an increase of 26% from a similar survey conducted in 2018.

On average, homeowners plan to spend just over $9,000 on renovations, an increase of 32% from last year and the highest amount since 2014. Over one-quarter (27%) of homeowners plan to renovate to personalize their homes, while 14% want to increase their home’s value.

Only 7% of homeowners are making improvements to sell their homes. In fact, 59% of respondents said they are not moving for at least 10 years, if ever.

Outdoor projects are the most popular improvements, followed by kitchen and bathroom remodeling. Nearly one-third of homeowners plan to make home repairs, such as window replacement and roof repairs.

With regards to financing, 60% of homeowners plan to tap into their savings to cover improvement costs; 32% plan to use credit cards, and 10% plan to take out a loan. Some respondents plan to use a combination of funding sources to pay for renovations.

Many new credit cards have recently come to market, specifically designed for home remodeling. For instance, Alliance Data unveiled a Houzz credit card last week, and Synchrony launched the HOME credit card, which offers special financing options and 2% cash back at home improvement stores (for purchases under $299).

The information contained within this article was accurate as of March 5, 2019. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.
View all posts by John H. Oldshue