New Data Study From Today’s Homeowner Highlights Financial Benefits – and Drawbacks – of Popular Home Renovations
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RALEIGH, N.C.--(BUSINESS WIRE)--With an uncertain economy, unpredictable housing market, and rising mortgage rates, many Americans are choosing to improve their current space rather than search for a new home. While renovations can be chosen for a variety of reasons, homeowners commonly cite increasing their home value as a chief motivation to make upgrades. But a newly released robust data study shows that almost no home improvement projects are financially beneficial.

Today's Homeowner with Danny Lipford, an authority in the home services space for 25 years, invites you to share this study, ROI of Your Home Remodel, with your readers to give them the tools they need to make better-informed decisions about homeownership and home improvement.

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ROI of Your Home Remodel offers a national view of trends in the home improvement industry, including how outside events such as the pandemic, inflation, and interest rates have affected the sector. We also offer state- and city-level insights to better understand how regional and local conditions factor into these major investments.

At any point, readers can filter the information by specific locations or projects, allowing them to zero in on how this data set applies to their own homes and renovation ambitions. Furthermore, project information goes beyond cost and value to include the project's timeframe, any special considerations to keep in mind, and commentary from experts on each renovation.

Main Findings
  • On average, remodeling projects recouped 69% of costs, with a garage door replacement ranking best (100%) and a finished basement ranking worst (22%).
  • Nationally, none of the projects showed a return on investment above 100%, while only 12 projects recovered 75% or more of costs.
  • The average ROI for exterior projects such as a garage door replacement or porch addition is 23% higher than the ROI of interior projects.
  • Kitchen remodels, while popular, struggle to recoup costs. However, smaller projects like replacing appliances and countertops performed better than major kitchen remodels.
  • Hawaii, D.C., and California recouped the most costs of any state with average ROI of 87.2%, 86.9%, and 78.5% across all projects.
  • The lowest ROI states were Michigan, Maine, and Missouri with averages of 62.8%, 62.5%, and 60.7% of costs recouped across projects.

Our data study analyzed 70,000 homes in nearly 1,300 cities across 34 projects and includes perspectives from more than 30 home services experts (real estate professionals, licensed home improvement contractors, property managers and other industry professionals). For more details on our proprietary data research process, see our methodology section in the data study. You can also jump directly to the main findings or the specific projects.

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About Today's Homeowner

Today's Homeowner has been an authority in home improvement for 25 years. Drawing millions of monthly views, TodaysHomeowner.com provides how-to articles, videos and expert tips for maintaining and improving the home.

Contacts

Elizabeth Thibodeau
Head of Research
Today's Homeowner Research Team
media@todayshomeowner.org
Filed Under: Business
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