The MFP annual survey review the proportion of homeowner planning renovations in 2024 and 2025, those done in 2023. The research study homeowners renovations planning, budgets, how renovation are paid plus variations across states.
Updated: August 17, 2024
Its focus is on planned renovations, not unexpected repair. The Homeowners Repairs Survey cover major unexpected repairs data and analysis. The Generational Home Renovations Survey goes deeper into generational behaviors toward home renovations with specifics on Gen Z, Millenials, Gen X and Boomers home renovations research.
Survey topics:
:: Key Findings ::
- > 43% of homeowners did renovations in 2023 or planning some in 2024-2025.
- > Middle-income homeowners (specifically those in the 40%-60% income range) have the highest percentage of renovation planning at 31%.
- > “Improved Living” is the primary reason for home renovations, with 42% of homeowners prioritizing enhancements to their living spaces, making it a consistent priority across most states.
- > Bathrooms and kitchens are the most commonly renovated space across nearly all states, with 29% and 21% of homeowners prioritizing these improvements.
- > Homeowners typically use a combination of funding sources for renovations, with cash flow (42%) and home equity (32%) being the most common methods.
Methodology: We surveyed 26,038 homeowners community members online throughout March and April 2024 for their renovations done in 2023, and plans for 2024 and 2025.
Homeowners Doing Renovations by State (%)
The survey first look at the proportion of homeowners who did renovations in 2023 and planning to do some in 2024 and 2025.
Source: MFP’s 2024 Homeowners Renovation Survey.
Top States for Home Renovations
The top states with the highest percentage of homeowners planning renovations between 2023-2025 are:
- Massachusetts: 55%
- Delaware: 54%
- Connecticut: 53%
- South Dakota: 53%
- Minnesota: 52%
Bottom States
The bottom states with the lowest percentage of homeowners planning renovations are:
- Arkansas: 35%
- Hawaii: 35%
- Idaho: 35%
- Arizona: 35%
- Utah: 36%
- Ohio: 36%
- Michigan: 36%
Northeast 47.3% : The Northeast has the highest average percentage, indicating a strong interest in renovations among homeowners in this region.
Midwest 44.0% : The Midwest follows, slightly above the national average, showing moderate renovation planning activity.
South 42.3% :The South is just below the national average, with less intense renovation planning compared to the Northeast and Midwest.
West 40.6% : The West has the lowest average percentage, indicating that homeowners in this region are the least likely to plan renovations in the next three years.
Homeowners planning renovations by income range
Homeowners across all income range in all states are planning renovations and the percentage are highers for middle income ranges with 27% and 31%. This can probably be explaining by preferring renovating over moving to another home due to higher interest rates.
Higher income have a lower rate of renovation planning with 10%. This is probably due to newer homes or renovations already done at purchase. Lower income range also plan renovations but lower percentage (11%).
| Income ranges | Bottom 20% | 20%-40% | 40%-60% | 60%-80% | Top 20% |
|---|---|---|---|---|---|
| Average | 11% | 27% | 31% | 23% | 10% |
| Alabama | 6% | 15% | 46% | 20% | 13% |
| Alaska | 5% | 17% | 44% | 23% | 11% |
| Arizona | 9% | 22% | 37% | 25% | 7% |
| Arkansas | 10% | 31% | 35% | 18% | 6% |
| California | 12% | 29% | 36% | 12% | 11% |
| Colorado | 9% | 26% | 31% | 18% | 16% |
| Connecticut | 10% | 24% | 37% | 19% | 10% |
| Delaware | 5% | 25% | 26% | 29% | 15% |
| DC | 6% | 22% | 33% | 23% | 16% |
| Florida | 13% | 34% | 31% | 16% | 6% |
| Georgia | 12% | 34% | 27% | 18% | 9% |
| Hawaii | 8% | 24% | 31% | 25% | 12% |
| Idaho | 13% | 31% | 35% | 15% | 6% |
| Illinois | 11% | 26% | 31% | 20% | 12% |
| Indiana | 9% | 21% | 31% | 28% | 11% |
| Iowa | 14% | 30% | 32% | 19% | 5% |
| Kansas | 13% | 26% | 31% | 20% | 10% |
| Kentucky | 14% | 31% | 29% | 18% | 8% |
| Louisiana | 16% | 25% | 29% | 21% | 9% |
| Maine | 12% | 25% | 31% | 19% | 13% |
| Maryland | 8% | 27% | 34% | 21% | 10% |
| Massachusetts | 13% | 24% | 27% | 24% | 12% |
| Michigan | 15% | 26% | 29% | 19% | 11% |
| Minnesota | 7% | 26% | 36% | 23% | 8% |
| Mississippi | 16% | 19% | 36% | 25% | 4% |
| Missouri | 11% | 24% | 24% | 25% | 16% |
| Montana | 17% | 27% | 26% | 19% | 11% |
| Nebraska | 13% | 26% | 25% | 31% | 5% |
| Nevada | 8% | 28% | 24% | 26% | 14% |
| New Hampshire | 10% | 27% | 31% | 21% | 11% |
| New Jersey | 5% | 26% | 32% | 29% | 8% |
| New Mexico | 11% | 25% | 23% | 26% | 15% |
| New York | 14% | 27% | 26% | 24% | 9% |
| North Carolina | 15% | 23% | 31% | 28% | 3% |
| North Dakota | 6% | 21% | 27% | 31% | 15% |
| Ohio | 13% | 31% | 30% | 16% | 10% |
| Oklahoma | 9% | 28% | 27% | 26% | 10% |
| Oregon | 16% | 28% | 29% | 21% | 6% |
| Pennsylvania | 16% | 26% | 29% | 21% | 8% |
| Rhode Island | 13% | 29% | 25% | 26% | 7% |
| South Carolina | 8% | 25% | 34% | 26% | 7% |
| South Dakota | 4% | 27% | 29% | 25% | 15% |
| Tennessee | 14% | 31% | 32% | 20% | 3% |
| Texas | 17% | 33% | 27% | 17% | 6% |
| Utah | 12% | 27% | 29% | 21% | 11% |
| Vermont | 17% | 30% | 26% | 21% | 6% |
| Virginia | 11% | 27% | 32% | 20% | 10% |
| Washington | 9% | 28% | 24% | 27% | 12% |
| West Virginia | 15% | 35% | 26% | 21% | 3% |
| Wisconsin | 11% | 28% | 27% | 25% | 9% |
| Wyoming | 13% | 34% | 25% | 21% | 7% |
Source: MFP’s 2024 Homeowners Renovation Survey.
Homeowners Income Trends for Renovations
Middle-Income Focus: Homeowners in the middle-income ranges (20%-40% and 40%-60%) are more likely to plan renovations, with percentages of 27% and 31%, respectively. This trend may be driven by the desire to improve current homes rather than moving due to higher interest rates.
Lower and Higher Income have more variability:
Lower Income: Homeowners in the bottom 20% income range have a lower renovation planning rate (11%), possibly due to limited financial resources.
Higher Income: Those in the top 20% income range have the lowest renovation planning rate (10%), likely due to having newer homes or completing renovations at purchase.
State Reno Trends for Homeowners Income
California
Middle-Income: Higher renovation planning among 20%-40% (29%) and 40%-60% (36%) income ranges.
Lower Income: Slightly higher than average at 12%.
Florida
Middle-Income: Strong renovation interest in the 20%-40% (34%) and 40%-60% (31%) ranges.
Higher Income: Low renovation planning at 6%.
Texas
Middle-Income: Significant renovation planning in the 20%-40% (33%) range.
Lower Income: High renovation planning at 17%.
New York
Middle-Income: Strong renovation interest in 20%-40% (27%) and 40%-60% (26%) ranges.
Higher Income: Relatively low at 9%.
Reasons for home improvements
Homeowners have very different reasons to do house renovations but those reasons remain the same proportions across states:
- 42% renovate for an improved living space such as bathroom or kitchen remodeling.
- 12% do renovation for an higher sell price in the event the home is sold.
- 18% is because more are living in the house, with new kid(s) or elderly parent coming to live with their offspring.
- 30% do it to live longer in the house by doing home modifications for elderly adults.
- 12% finish a room or space like a basement or attic to more usable space.
- 13% improve the exterior of their for aesthetic or better living like a deck or landscaping
| Improved Living | Higher Sell Price | Bigger Family | Living in Longer | Finishing Room |
Landscaping/Exterior |
|
|---|---|---|---|---|---|---|
| Average | 42% | 12% | 18% | 30% | 12% | 13% |
| Alabama | 44% | 9% | 18% | 35% | 17% | 11% |
| Alaska | 38% | 10% | 16% | 28% | 7% | 14% |
| Arizona | 45% | 15% | 16% | 32% | 12% | 14% |
| Arkansas | 39% | 14% | 14% | 22% | 10% | 17% |
| California | 42% | 13% | 21% | 23% | 15% | 11% |
| Colorado | 39% | 12% | 21% | 25% | 10% | 11% |
| Connecticut | 46% | 12% | 21% | 33% | 14% | 15% |
| Delaware | 37% | 12% | 20% | 25% | 9% | 17% |
| DC | 39% | 12% | 19% | 27% | 17% | 14% |
| Florida | 41% | 8% | 16% | 23% | 9% | 16% |
| Georgia | 35% | 13% | 14% | 28% | 16% | 11% |
| Hawaii | 42% | 15% | 16% | 29% | 8% | 11% |
| Idaho | 46% | 7% | 21% | 36% | 11% | 16% |
| Illinois | 37% | 10% | 21% | 24% | 14% | 10% |
| Indiana | 48% | 14% | 18% | 24% | 10% | 17% |
| Iowa | 39% | 8% | 16% | 24% | 10% | 11% |
| Kansas | 43% | 15% | 15% | 36% | 17% | 14% |
| Kentucky | 44% | 15% | 16% | 24% | 16% | 9% |
| Louisiana | 44% | 15% | 13% | 25% | 11% | 15% |
| Maine | 42% | 16% | 14% | 35% | 8% | 15% |
| Maryland | 45% | 7% | 14% | 33% | 10% | 15% |
| Massachusetts | 42% | 10% | 13% | 31% | 11% | 13% |
| Michigan | 33% | 16% | 19% | 34% | 12% | 16% |
| Minnesota | 33% | 7% | 20% | 32% | 8% | 8% |
| Mississippi | 38% | 14% | 13% | 35% | 11% | 7% |
| Missouri | 44% | 8% | 21% | 24% | 10% | 12% |
| Montana | 34% | 16% | 18% | 31% | 11% | 15% |
| Nebraska | 45% | 15% | 17% | 30% | 8% | 14% |
| Nevada | 37% | 10% | 15% | 36% | 17% | 14% |
| New Hampshire | 48% | 9% | 21% | 33% | 12% | 16% |
| New Jersey | 39% | 15% | 16% | 36% | 8% | 13% |
| New Mexico | 47% | 9% | 14% | 29% | 7% | 15% |
| New York | 48% | 13% | 21% | 23% | 11% | 15% |
| North Carolina | 48% | 13% | 14% | 30% | 13% | 9% |
| North Dakota | 39% | 11% | 13% | 36% | 9% | 7% |
| Ohio | 33% | 12% | 21% | 23% | 13% | 13% |
| Oklahoma | 37% | 9% | 21% | 27% | 14% | 7% |
| Oregon | 48% | 16% | 19% | 26% | 13% | 15% |
| Pennsylvania | 39% | 14% | 16% | 26% | 8% | 8% |
| Rhode Island | 35% | 11% | 14% | 32% | 12% | 8% |
| South Carolina | 33% | 7% | 20% | 37% | 13% | 15% |
| South Dakota | 34% | 12% | 21% | 31% | 12% | 17% |
| Tennessee | 43% | 15% | 18% | 27% | 15% | 13% |
| Texas | 35% | 13% | 15% | 31% | 12% | 9% |
| Utah | 44% | 12% | 17% | 26% | 10% | 9% |
| Vermont | 42% | 14% | 15% | 25% | 13% | 10% |
| Virginia | 46% | 12% | 18% | 37% | 16% | 14% |
| Washington | 40% | 8% | 19% | 24% | 12% | 9% |
| West Virginia | 40% | 13% | 15% | 23% | 7% | 13% |
| Wisconsin | 42% | 9% | 19% | 37% | 7% | 14% |
| Wyoming | 42% | 15% | 17% | 29% | 3% | 17% |
Source: MFP’s 2024 Homeowners Renovation Survey.
Specific State Trends:
New York and Oregon: Both have high percentages in the “Improved Living” category (48%), indicating that homeowners in these states prioritize making improvements to their living conditions.
Indiana and New Hampshire: Indiana and New Hampshire have a high percentage of 48% in the “Improved Living” category, suggesting a strong emphasis on enhancing living spaces.
Michigan and Montana: Michigan and Montana stand out in the “Higher Sell Price” category, both with 16%, indicating that these states might have a higher return on investment for home improvements in terms of selling prices.
Reasons Specific Trends:
Improved Living: This category consistently has high percentages across most states, with a mean of 40.94%. States like Indiana, New York, New Hampshire, and Oregon lead in this category, highlighting a national trend toward improving living conditions.
Higher Sell Price: The percentages here are generally lower than “Improved Living,” with a few states like Michigan, Montana, and Kentucky having higher percentages. This suggests that while many improvements are made for living conditions, fewer are explicitly for resale value.
Living in Longer: States like South Carolina (37%) and Virginia (37%) have the highest percentages in this category, indicating that homeowners in these states are more likely to stay in their homes longer after making improvements.
Landscaping/Exterior: Wyoming has a relatively low percentage (3%) in the “Finishing Room” category, possibly indicating less focus on this type of improvement compared to other states.
Regional Reno Reasons Trends:
Northeast (e.g., Connecticut, New York): States in the Northeast show a balanced focus on both “Improved Living” and “Higher Sell Price,” suggesting that improvements may be equally valued for personal use and increasing property value.
South (e.g., Alabama, Georgia): In Southern states, there’s a noticeable focus on “Living in Longer,” with states like Virginia and South Carolina leading in this category. This might indicate a cultural or economic trend where people invest in homes they plan to live in long-term.
West (e.g., California, Arizona): Western states like Arizona and California show relatively high percentages in both “Improved Living” and “Higher Sell Price,” which could reflect the dynamic real estate market in these regions.
Key Observations for Renovations:
- – Improved Living: Consistently prioritized across almost all states, with a mean percentage of 40.94%.
- – Living in Longer: Some regional trends, particularly in the South, indicate a focus on making homes more livable for extended periods.
- – Higher Sell Price: Fewer states focus on this explicitly, though some, like Michigan and Montana, see higher percentages, indicating potential regional variations in real estate market dynamics.
What homeowners want to renovate?
Homeowners do renovation for different rooms in their house but those reasons stay the same across states. The kitchen with 21% and bathroom with 29% stay very popular. Bedrooms are also popular with 21% due to their lower cost of room remodeling.
| Kitchen | Bathroom | Bedroom | Living Room | Outdoor | Attic, Basement | |
|---|---|---|---|---|---|---|
| Average | 21% | 29% | 21% | 19% | 11% | 12% |
| Alabama | 18% | 36% | 24% | 13% | 7% | 16% |
| Alaska | 16% | 24% | 18% | 19% | 11% | 12% |
| Arizona | 18% | 22% | 26% | 13% | 10% | 11% |
| Arkansas | 25% | 25% | 20% | 12% | 15% | 10% |
| California | 23% | 34% | 15% | 19% | 13% | 15% |
| Colorado | 18% | 27% | 23% | 22% | 15% | 16% |
| Connecticut | 23% | 29% | 23% | 19% | 11% | 13% |
| Delaware | 24% | 28% | 19% | 13% | 7% | 9% |
| D.C. | 22% | 26% | 15% | 15% | 12% | 12% |
| Florida | 22% | 36% | 23% | 17% | 13% | 11% |
| Georgia | 17% | 25% | 20% | 22% | 11% | 11% |
| Hawaii | 21% | 28% | 25% | 14% | 15% | 12% |
| Idaho | 19% | 25% | 24% | 22% | 12% | 8% |
| Illinois | 19% | 35% | 16% | 24% | 15% | 7% |
| Indiana | 16% | 25% | 17% | 17% | 10% | 12% |
| Iowa | 19% | 31% | 21% | 22% | 11% | 9% |
| Kansas | 21% | 30% | 24% | 20% | 15% | 7% |
| Kentucky | 27% | 26% | 27% | 16% | 9% | 16% |
| Louisiana | 22% | 27% | 16% | 13% | 7% | 8% |
| Maine | 25% | 23% | 22% | 12% | 11% | 10% |
| Maryland | 19% | 23% | 17% | 24% | 8% | 10% |
| Massachusetts | 21% | 27% | 22% | 17% | 7% | 10% |
| Michigan | 27% | 24% | 27% | 20% | 12% | 15% |
| Minnesota | 17% | 28% | 22% | 15% | 8% | 15% |
| Mississippi | 25% | 28% | 23% | 19% | 8% | 10% |
| Missouri | 17% | 32% | 19% | 13% | 14% | 12% |
| Montana | 23% | 23% | 22% | 16% | 9% | 16% |
| Nebraska | 26% | 27% | 19% | 19% | 11% | 14% |
| Nevada | 18% | 22% | 26% | 23% | 10% | 16% |
| New Hampshire | 17% | 33% | 15% | 18% | 13% | 8% |
| New Jersey | 19% | 30% | 19% | 17% | 9% | 14% |
| New Mexico | 25% | 29% | 17% | 22% | 15% | 16% |
| New York | 19% | 29% | 18% | 22% | 7% | 12% |
| North Carolina | 24% | 29% | 18% | 24% | 11% | 11% |
| North Dakota | 21% | 25% | 23% | 16% | 9% | 14% |
| Ohio | 16% | 32% | 21% | 21% | 14% | 10% |
| Oklahoma | 17% | 34% | 26% | 23% | 10% | 8% |
| Oregon | 19% | 26% | 24% | 21% | 11% | 16% |
| Pennsylvania | 21% | 29% | 19% | 22% | 9% | 8% |
| Rhode Island | 17% | 23% | 16% | 12% | 10% | 10% |
| South Carolina | 18% | 30% | 20% | 16% | 13% | 9% |
| South Dakota | 19% | 34% | 23% | 24% | 15% | 15% |
| Tennessee | 19% | 32% | 18% | 15% | 12% | 7% |
| Texas | 16% | 23% | 15% | 23% | 9% | 13% |
| Utah | 27% | 36% | 22% | 22% | 8% | 10% |
| Vermont | 25% | 28% | 17% | 19% | 11% | 14% |
| Virginia | 27% | 22% | 24% | 19% | 13% | 11% |
| Washington | 21% | 35% | 23% | 20% | 12% | 12% |
| West Virginia | 17% | 34% | 20% | 23% | 11% | 13% |
| Wisconsin | 21% | 28% | 25% | 13% | 11% | 7% |
| Wyoming | 16% | 27% | 19% | 22% | 11% | 10% |
Source: MFP’s 2024 Homeowners Renovation Survey.
State Rooms Reno Trends:
Florida
Bathrooms are the most popular renovation target (36%), reflecting the state’s large elderly population who might prioritize safety and accessibility features in their homes.
Kitchens are also a major focus (22%), likely due to Florida’s vibrant culinary culture and frequent entertaining.
California
Bathrooms again lead (34%), indicating a high demand for modern, luxurious upgrades.
Kitchens follow closely (23%), as Californians might focus on open-concept, eco-friendly designs that align with the state’s environmental values.
Texas
Living Rooms are a significant focus (23%), possibly reflecting the importance of family and communal spaces in Texas homes.
Bathrooms and Kitchens are also popular but at slightly lower rates (23% and 15%, respectively).
Minnesota
Bathrooms (28%) and Bedrooms (22%) are top priorities, with Attic and Basement renovations (15%) being more popular here than in other states, likely due to the need for more usable space during long winters.
Regional Home Reno Trends
Northeast (e.g., Massachusetts, New York):
Bathrooms and Kitchens are dominant renovation choices, reflecting a focus on modernizing older homes and maximizing efficiency in smaller spaces.
Attic and Basement renovations are also popular in colder states like Massachusetts (10%) and New York (12%), likely for additional living space.
South (e.g., Alabama, Georgia, Florida)
Bathrooms are the top priority across most Southern states, with a particular emphasis on functionality and comfort, possibly due to the region’s older homes and aging population.
Outdoor Spaces (13-15%) are also important, reflecting the region’s warmer climate and a preference for outdoor living.
West (e.g., California, Arizona)
Bathrooms and Kitchens are key areas, with a focus on luxury and sustainability, which aligns with the West’s trend towards modern, eco-friendly designs.
Outdoor Spaces are less of a focus in arid states like Arizona (10%), possibly due to the harsh climate making indoor renovations more appealing.
Midwest (e.g., Illinois, Ohio, Michigan)
Bathrooms are consistently a top choice, with states like Michigan (27%) and Ohio (32%) showing a strong interest in upgrades.
Basement renovations are more common in this region (e.g., Michigan at 15%), likely due to the prevalence of basements in Midwestern homes.
Overall Rooms Renovations Trends
Bathrooms are the most commonly renovated space across almost all states, with many homeowners focusing on updates that improve functionality, accessibility, and style.
Kitchens follow closely behind, especially in states where culinary activities and entertaining are key aspects of the lifestyle.
Outdoor Spaces are particularly valued in warmer regions, while Attic and Basement renovations are more popular in colder states, where maximizing indoor space is crucial.
Kitchen remodel budgets
Kitchens are still the favorite room to remodel in houses with 49% of homeowners spending $15,000 or more on their remodel. The rest of homeowners choose a smaller budget to do a refresh or upgrade 1 or 2 elements of their kitchens.
| $50,000 | $35,000 | $15,000 | $10,000 | $7,000 | $5,000 |
$3,000 |
|
|---|---|---|---|---|---|---|---|
| Average | 12% | 16% | 21% | 25% | 12% | 9% | 6% |
| Alabama | 11% | 13% | 23% | 22% | 15% | 9% | 7% |
| Alaska | 12% | 14% | 22% | 30% | 12% | 8% | 2% |
| Arizona | 11% | 12% | 28% | 28% | 11% | 6% | 4% |
| Arkansas | 11% | 15% | 21% | 26% | 15% | 6% | 6% |
| California | 14% | 16% | 23% | 27% | 9% | 6% | 5% |
| Colorado | 13% | 19% | 23% | 26% | 9% | 8% | 2% |
| Connecticut | 11% | 15% | 19% | 25% | 12% | 9% | 9% |
| Delaware | 13% | 20% | 16% | 28% | 10% | 7% | 6% |
| D.C. | 11% | 17% | 20% | 28% | 9% | 9% | 6% |
| Florida | 14% | 14% | 20% | 25% | 8% | 10% | 9% |
| Georgia | 13% | 18% | 22% | 26% | 9% | 5% | 7% |
| Hawaii | 8% | 15% | 19% | 34% | 10% | 10% | 4% |
| Idaho | 10% | 14% | 20% | 27% | 16% | 8% | 5% |
| Illinois | 12% | 18% | 21% | 21% | 12% | 8% | 8% |
| Indiana | 11% | 15% | 22% | 29% | 10% | 9% | 4% |
| Iowa | 12% | 13% | 19% | 25% | 12% | 12% | 7% |
| Kansas | 8% | 20% | 17% | 24% | 13% | 12% | 6% |
| Kentucky | 7% | 11% | 17% | 23% | 16% | 15% | 11% |
| Louisiana | 5% | 12% | 24% | 28% | 13% | 12% | 6% |
| Maine | 10% | 15% | 24% | 28% | 11% | 8% | 4% |
| Maryland | 13% | 15% | 17% | 26% | 11% | 12% | 6% |
| Massachusetts | 14% | 19% | 23% | 16% | 13% | 6% | 9% |
| Michigan | 15% | 14% | 25% | 20% | 12% | 10% | 4% |
| Minnesota | 16% | 14% | 26% | 19% | 14% | 8% | 3% |
| Mississippi | 7% | 13% | 29% | 27% | 12% | 6% | 6% |
| Missouri | 14% | 14% | 17% | 24% | 15% | 9% | 7% |
| Montana | 7% | 18% | 19% | 25% | 16% | 9% | 6% |
| Nebraska | 13% | 15% | 18% | 24% | 18% | 7% | 5% |
| Nevada | 15% | 17% | 24% | 22% | 8% | 9% | 5% |
| New Hampshire | 13% | 13% | 18% | 21% | 15% | 12% | 8% |
| New Jersey | 15% | 14% | 23% | 29% | 9% | 5% | 5% |
| New Mexico | 9% | 13% | 22% | 25% | 11% | 9% | 11% |
| New York | 16% | 21% | 19% | 18% | 8% | 9% | 9% |
| North Carolina | 11% | 18% | 18% | 22% | 11% | 14% | 6% |
| North Dakota | 9% | 14% | 19% | 29% | 11% | 12% | 6% |
| Ohio | 13% | 14% | 18% | 19% | 16% | 14% | 6% |
| Oklahoma | 9% | 15% | 21% | 23% | 11% | 11% | 10% |
| Oregon | 16% | 13% | 19% | 21% | 15% | 8% | 8% |
| Pennsylvania | 16% | 15% | 16% | 21% | 16% | 7% | 9% |
| Rhode Island | 14% | 18% | 22% | 18% | 11% | 9% | 8% |
| South Carolina | 10% | 16% | 17% | 27% | 10% | 13% | 7% |
| South Dakota | 9% | 14% | 21% | 28% | 16% | 8% | 4% |
| Tennessee | 10% | 19% | 17% | 29% | 12% | 7% | 6% |
| Texas | 14% | 14% | 19% | 24% | 15% | 9% | 5% |
| Utah | 10% | 16% | 21% | 25% | 12% | 9% | 7% |
| Vermont | 14% | 18% | 24% | 22% | 9% | 10% | 3% |
| Virginia | 14% | 15% | 22% | 21% | 10% | 13% | 5% |
| Washington | 15% | 19% | 21% | 24% | 10% | 5% | 6% |
| West Virginia | 8% | 14% | 19% | 20% | 15% | 15% | 9% |
| Wisconsin | 11% | 15% | 21% | 25% | 11% | 9% | 8% |
| Wyoming | 9% | 16% | 15% | 29% | 12% | 11% | 8% |
Source: MFP’s 2024 Homeowners Renovation Survey.
Kitchen Budget Trends by State:
California
- High-End Remodels: 14% of households opt for a $50,000 major upgrade, and 16% go for a $35,000 upgrade, which is higher than the national average. This indicates a trend toward more substantial investments in kitchen remodels.
- Small Upgrades: California has a slightly lower percentage (5%-6%) in the smaller budget categories ($5,000 and $3,000), suggesting that Californians are more likely to invest in significant kitchen renovations.
Minnesota
- High Investment: A notable 16% of households spend $50,000 on a kitchen remodel, and 14% spend $35,000. This places Minnesota above the national average in these categories, indicating a preference for major upgrades.
- Smaller Upgrades: Only 3% of Minnesotans opt for the smallest budget ($3,000), showing a trend toward larger remodels.
Hawaii
- Moderate to High Budgets: Hawaii shows a high percentage (34%) for $10,000 small upgrades, indicating that mid-range remodels are particularly common.
- Less Extreme High-End: Only 8% of households spend $50,000 on a major upgrade, which is lower compared to some other states, showing that while remodels are common, extremely high budgets are less so.
New York
- Diverse Spending: 16% of households spend $50,000, but there’s also a significant portion (21%) spending $35,000 and another 19% spending $15,000. This suggests a wide distribution in remodel budgets, with New Yorkers engaging in both high and mid-range upgrades.
Regional Kitchen Budget Trends
Western States (e.g., California, Oregon, Washington):
Higher Budgets: Western states like California and Oregon have higher percentages in the $50,000 and $35,000 categories, reflecting a regional trend toward larger kitchen remodels. Washington also shows strong investment in the $50,000 and $35,000 categories (15% and 19%, respectively).
Southern States (e.g., Alabama, Georgia, Texas)
Diverse Budgets: Southern states display a more varied budget distribution. For example, Alabama has 23% spending $15,000, which is higher than the national average, while Texas shows a more balanced distribution across different budget categories.
Northeastern States (e.g., New York, Massachusetts, Pennsylvania)
High-End Focus: States like New York (16% for $50,000 and 21% for $35,000) and Massachusetts (14% for $50,000 and 19% for $35,000) indicate a trend towards higher-end remodels, suggesting that homeowners in the Northeast are investing more heavily in their kitchens.
Midwestern States (e.g., Minnesota, Michigan, Illinois)
Strong Investment in Major Upgrades: Midwestern states like Minnesota and Michigan show a strong preference for higher budgets, with 16% in Minnesota and 15% in Michigan spending $50,000 on kitchen remodels.
Overall Kitchen Budgets Trends:
- – High-End Remodels: States like California, Minnesota, and New York tend to have higher percentages of households investing in major kitchen upgrades ($50,000 or more).
- – Range Budgets: There’s a significant portion of households across many states opting for $15,000 to $35,000 remodels, indicating that many homeowners are willing to invest in moderate to major upgrades.
- – Small Upgrades: States with lower costs of living or those with a larger rural population, like Arkansas and Wyoming, show higher percentages in smaller budget categories ($5,000 or less).
Bathroom remodel budgets
Bathrooms are still the 2nd favorite room to remodel in homes and 57% of homeowners spend $15,000 or more in their remodels. 31% budget $6,000 to $10,000 and 27% refresh their bathroom with $6,000 or less.
| $20,000 | $15,000 | $10,000 | $6,000 | $4,000 | $2,000 | |
|---|---|---|---|---|---|---|
| Average | 35% | 22% | 18% | 13% | 11% | 3% |
| Alabama | 35% | 18% | 16% | 15% | 7% | 9% |
| Alaska | 27% | 14% | 28% | 19% | 9% | 3% |
| Arizona | 28% | 29% | 17% | 12% | 12% | 2% |
| Arkansas | 32% | 26% | 18% | 11% | 11% | 2% |
| California | 35% | 16% | 21% | 12% | 15% | 1% |
| Colorado | 37% | 28% | 15% | 9% | 10% | 1% |
| Connecticut | 35% | 16% | 27% | 11% | 9% | 2% |
| Delaware | 33% | 27% | 15% | 13% | 9% | 3% |
| Washington, D.C. | 37% | 21% | 16% | 17% | 7% | 2% |
| Florida | 31% | 26% | 19% | 11% | 10% | 3% |
| Georgia | 27% | 26% | 24% | 13% | 7% | 3% |
| Hawaii | 29% | 18% | 16% | 17% | 15% | 5% |
| Idaho | 29% | 26% | 21% | 11% | 9% | 4% |
| Illinois | 35% | 17% | 16% | 19% | 12% | 1% |
| Indiana | 35% | 22% | 15% | 11% | 12% | 5% |
| Iowa | 35% | 27% | 16% | 10% | 11% | 1% |
| Kansas | 33% | 21% | 18% | 14% | 12% | 2% |
| Kentucky | 39% | 23% | 18% | 10% | 9% | 1% |
| Louisiana | 37% | 15% | 22% | 10% | 14% | 2% |
| Maine | 36% | 22% | 22% | 12% | 6% | 2% |
| Maryland | 37% | 22% | 11% | 15% | 12% | 3% |
| Massachusetts | 38% | 17% | 25% | 9% | 8% | 3% |
| Michigan | 32% | 25% | 17% | 15% | 9% | 2% |
| Minnesota | 34% | 29% | 21% | 9% | 7% | 0% |
| Mississippi | 39% | 16% | 19% | 10% | 14% | 2% |
| Missouri | 32% | 16% | 25% | 11% | 14% | 2% |
| Montana | 37% | 17% | 17% | 14% | 13% | 2% |
| Nebraska | 35% | 15% | 19% | 14% | 14% | 3% |
| Nevada | 36% | 19% | 22% | 9% | 12% | 2% |
| New Hampshire | 36% | 20% | 16% | 17% | 8% | 3% |
| New Jersey | 35% | 22% | 14% | 11% | 16% | 2% |
| New Mexico | 40% | 22% | 16% | 10% | 8% | 4% |
| New York | 40% | 22% | 17% | 13% | 6% | 2% |
| North Carolina | 38% | 28% | 15% | 11% | 7% | 1% |
| North Dakota | 39% | 25% | 11% | 13% | 8% | 4% |
| Ohio | 38% | 25% | 18% | 9% | 9% | 1% |
| Oklahoma | 34% | 16% | 19% | 17% | 12% | 2% |
| Oregon | 31% | 26% | 17% | 13% | 10% | 3% |
| Pennsylvania | 36% | 21% | 10% | 15% | 15% | 3% |
| Rhode Island | 40% | 22% | 13% | 14% | 8% | 3% |
| South Carolina | 36% | 19% | 17% | 13% | 14% | 1% |
| South Dakota | 30% | 19% | 26% | 12% | 10% | 3% |
| Tennessee | 36% | 19% | 16% | 12% | 12% | 5% |
| Texas | 36% | 24% | 15% | 9% | 12% | 4% |
| Utah | 37% | 24% | 11% | 12% | 12% | 4% |
| Vermont | 33% | 25% | 11% | 15% | 13% | 3% |
| Virginia | 36% | 22% | 20% | 11% | 8% | 3% |
| Washington | 36% | 17% | 21% | 11% | 12% | 3% |
| West Virginia | 30% | 16% | 24% | 13% | 15% | 2% |
| Wisconsin | 37% | 24% | 13% | 11% | 15% | 0% |
| Wyoming | 35% | 19% | 22% | 9% | 11% | 4% |
Source: MFP’s 2024 Homeowners Renovation Survey.
High-Budget Remodels ($20,000)
- General Observation: About 35% of homeowners across the U.S. are opting for higher-budget bathroom remodels of $20,000.
- Northeast & West: States like Massachusetts (38%), New York (40%), and California (35%) have higher percentages of homeowners spending $20,000 on bathroom remodels, indicating that homeowners in these states are more willing to invest in larger projects.
- Southeast & Midwest: In states like Mississippi (39%), Kentucky (39%), and Ohio (38%), there is also a strong inclination toward $20,000 remodels, potentially reflecting either a preference for more comprehensive upgrades or higher labor/material costs.
Mid-Budget Remodels ($15,000)
- General Observation: The $15,000 budget is less common, with an average of about 22% across all states.
- West & Mountain States: Colorado (28%), Nevada (22%), and Utah (24%) have a higher proportion of mid-budget remodels, possibly due to the varying cost of living and the popularity of mid-range upgrades in these regions.
- Midwest: States like Wisconsin (24%), Michigan (25%), and Minnesota (29%) also have a notable percentage of mid-budget remodels, suggesting that homeowners are choosing moderate upgrades, potentially due to the cost-effectiveness in these areas.
Lower-Budget Remodels ($10,000 and below)
- General Observation: Lower-budget remodels are quite common, especially in states where cost-consciousness might be more prevalent.
- Southeast & Southern States: States like Alabama (16% for $10,000 and 15% for $6,000), Louisiana (22% for $10,000), and Mississippi (19% for $10,000) have higher percentages of lower-budget remodels, reflecting potentially lower incomes or more modest project scopes.
- West & Northeast: States like New Mexico (16% for $10,000) and Maine (22% for $10,000) also show a significant number of lower-budget remodels, which might be influenced by local economic conditions or a focus on essential updates.
Regional Trends for Bathrooms Budgets
- Northeast: Higher proportions of high-budget remodels ($20,000), with states like New York and Massachusetts leading. This could be due to the older housing stock in these areas, requiring more extensive renovations.
- South: States like Mississippi and Alabama show a mix, with both high-budget and lower-budget remodels, potentially reflecting economic diversity within these states.
- West: There’s a tendency toward mid-to-high-budget remodels, especially in California and Colorado, which could be tied to higher living costs and property values in these states.
- Midwest: A strong presence of mid-budget remodels, suggesting that homeowners might be balancing between cost and quality, opting for moderate upgrades.
Renovations ROI
ROIs for renovations remains still very high for projects like kitchens, bathrooms and exterior living areas. Completing a basement or attic also provide with a good ROI while adding a new bedroom comes last for ROI across all states.
Their ROI are based on appraisals or selling prices, not guesstimates.
| State | Kitchen | Bathroom | Extra Bedroom | Outdoor | Attic, Basement |
|---|---|---|---|---|---|
| All states | 92% | 83% | 73% | 89% | 83% |
| Alabama | 78% | 77% | 65% | 81% | 80% |
| Alaska | 91% | 80% | 66% | 82% | 82% |
| Arizona | 92% | 80% | 72% | 90% | 91% |
| Arkansas | 89% | 77% | 72% | 82% | 78% |
| California | 96% | 93% | 87% | 91% | 90% |
| Colorado | 95% | 88% | 72% | 94% | 88% |
| Connecticut | 95% | 89% | 79% | 88% | 91% |
| Delaware | 91% | 78% | 68% | 94% | 88% |
| Washington, D.C. | 90% | 90% | 80% | 85% | 86% |
| Florida | 94% | 85% | 75% | 93% | 89% |
| Georgia | 90% | 81% | 71% | 85% | 85% |
| Hawaii | 95% | 77% | 67% | 85% | 79% |
| Idaho | 91% | 80% | 70% | 80% | 76% |
| Illinois | 90% | 92% | 82% | 90% | 91% |
| Indiana | 91% | 79% | 69% | 87% | 84% |
| Iowa | 89% | 83% | 70% | 82% | 76% |
| Kansas | 95% | 76% | 64% | 85% | 77% |
| Kentucky | 90% | 75% | 64% | 88% | 73% |
| Louisiana | 80% | 74% | 64% | 80% | 69% |
| Maine | 92% | 79% | 68% | 86% | 79% |
| Maryland | 90% | 85% | 75% | 86% | 85% |
| Massachusetts | 95% | 84% | 74% | 87% | 89% |
| Michigan | 91% | 80% | 70% | 83% | 81% |
| Minnesota | 95% | 94% | 84% | 89% | 88% |
| Mississippi | 79% | 75% | 60% | 82% | 79% |
| Missouri | 89% | 80% | 68% | 81% | 80% |
| Montana | 81% | 79% | 69% | 79% | 69% |
| Nebraska | 94% | 77% | 67% | 80% | 76% |
| Nevada | 96% | 81% | 71% | 84% | 78% |
| New Hampshire | 92% | 87% | 77% | 87% | 76% |
| New Jersey | 96% | 90% | 80% | 98% | 88% |
| New Mexico | 88% | 78% | 68% | 83% | 87% |
| New York | 95% | 91% | 81% | 93% | 90% |
| North Carolina | 90% | 78% | 68% | 96% | 89% |
| North Dakota | 81% | 77% | 65% | 86% | 72% |
| Ohio | 98% | 80% | 70% | 90% | 88% |
| Oklahoma | 89% | 79% | 69% | 81% | 72% |
| Oregon | 92% | 81% | 71% | 82% | 81% |
| Pennsylvania | 94% | 91% | 80% | 90% | 89% |
| Rhode Island | 92% | 89% | 79% | 98% | 86% |
| South Carolina | 89% | 80% | 81% | 90% | 79% |
| South Dakota | 88% | 79% | 69% | 82% | 73% |
| Tennessee | 86% | 79% | 69% | 89% | 74% |
| Texas | 90% | 83% | 73% | 89% | 76% |
| Utah | 89% | 84% | 74% | 90% | 79% |
| Vermont | 95% | 84% | 74% | 87% | 84% |
| Virginia | 94% | 82% | 72% | 97% | 90% |
| Washington | 92% | 80% | 73% | 99% | 91% |
| West Virginia | 94% | 78% | 68% | 83% | 71% |
| Wisconsin | 94% | 79% | 66% | 89% | 73% |
| Wyoming | 81% | 77% | 67% | 81% | 66% |
Source: MFP’s 2024 Homeowners Renovation Survey.
Kitchen ROIs
-
California (96%): California has the highest ROI for kitchen remodels among all states. This indicates a strong demand for upgraded kitchens, likely driven by high property values and the importance of modern, functional kitchens in the state.
-
Ohio (98%): Ohio stands out with a remarkably high ROI for kitchen remodels. This suggests that kitchen upgrades are a particularly valuable investment in Ohio, possibly due to the state’s competitive real estate market.
-
New York (95%): New York also shows a very high ROI for kitchen remodels, reflecting the importance of kitchens in urban living environments, especially in densely populated areas like New York City.
Bathroom ROIs
-
California (93%): California once again leads with a high ROI for bathroom remodels, reinforcing the state’s trend of strong returns on interior upgrades.
-
Minnesota (94%): Minnesota matches California in bathroom ROI, indicating a strong market for bathroom improvements, possibly due to the state’s emphasis on home comfort during long winters.
-
Illinois (92%): Illinois shows a high ROI for bathroom remodels, highlighting the value of upgrading bathrooms in this Midwestern state.
Outdoor Projects ROIs
-
New Jersey (98%): New Jersey has the highest ROI for outdoor projects, suggesting a strong market for exterior improvements, likely driven by a desire to maximize outdoor living spaces in a state with a mix of suburban and urban areas.
-
Washington (99%): Washington surpasses even New Jersey in outdoor project ROI, reflecting the state’s cultural emphasis on outdoor activities and the value placed on exterior living spaces.
-
North Carolina (96%): North Carolina shows a high ROI for outdoor projects, indicating a regional trend where exterior enhancements significantly boost property value.
Extra Room ROIs
-
Minnesota (84%): Minnesota has the highest ROI for extra bedroom remodels, suggesting that additional living space is particularly valuable in this state, possibly due to the need for versatile indoor spaces.
-
New York (81%): New York shows a strong ROI for extra bedrooms, reflecting the high value of additional space in densely populated areas.
-
Illinois (82%): Illinois also sees a good return on extra bedroom additions, indicating that homeowners value expanded living spaces in this state.
Attic and Basement ROIs
-
Connecticut (91%): Connecticut shows one of the highest ROIs for attic and basement remodels, suggesting that homeowners in this state highly value finished basements and attics, possibly due to the region’s housing styles and climate.
-
Washington (91%): Washington also demonstrates a high ROI for basement and attic renovations, aligning with the state’s trend of maximizing indoor and outdoor living spaces.
-
New York (90%): New York sees strong returns on basement and attic remodels, reflecting the premium on space in urban environments.
Summary of States Renovation ROIs:
- California consistently shows high ROI across kitchen and bathroom remodels, driven by high property values and lifestyle preferences.
- New Jersey and Washington both lead in outdoor project ROIs, highlighting the importance of exterior improvements in these states.
- Minnesota stands out for extra bedroom remodels, showing a trend toward expanding living spaces in homes.
- Connecticut and Washington lead in attic and basement remodel ROIs, reflecting regional trends in maximizing home space.
How homeowners are paying renovations
Paying for big renovations are always a big issue but homeowners are better able to find those majors remodels with diverse ways. Few use only one way to pay and most use more than one ways.
Cash flow, home equity and renovation loans are among the most popular ways indicating a good incomes and favorable confidence to pay and the renovations value, followed by savings and credit card(s) last.
| Savings | Home Equity | Reno loan | Cash flow | Credit card(s) | |
|---|---|---|---|---|---|
| Average | 25% | 32% | 32% | 42% | 12% |
| Alabama | 22% | 18% | 31% | 36% | 18% |
| Alaska | 19% | 39% | 30% | 34% | 10% |
| Arizona | 28% | 29% | 35% | 33% | 10% |
| Arkansas | 25% | 36% | 28% | 37% | 8% |
| California | 25% | 32% | 34% | 41% | 9% |
| Colorado | 20% | 28% | 36% | 37% | 16% |
| Connecticut | 24% | 23% | 36% | 47% | 9% |
| Delaware | 27% | 23% | 31% | 37% | 13% |
| DC | 24% | 39% | 37% | 34% | 10% |
| Florida | 22% | 36% | 26% | 33% | 15% |
| Georgia | 20% | 36% | 29% | 43% | 13% |
| Hawaii | 20% | 26% | 32% | 39% | 8% |
| Idaho | 28% | 27% | 32% | 44% | 11% |
| Illinois | 30% | 29% | 31% | 50% | 9% |
| Indiana | 25% | 36% | 27% | 36% | 13% |
| Iowa | 28% | 30% | 31% | 42% | 10% |
| Kansas | 26% | 34% | 32% | 39% | 14% |
| Kentucky | 26% | 28% | 30% | 35% | 13% |
| Louisiana | 23% | 24% | 30% | 49% | 15% |
| Maine | 27% | 30% | 26% | 43% | 12% |
| Maryland | 24% | 41% | 34% | 40% | 16% |
| Massachusetts | 29% | 34% | 26% | 48% | 10% |
| Michigan | 26% | 29% | 32% | 48% | 10% |
| Minnesota | 26% | 34% | 37% | 35% | 8% |
| Mississippi | 16% | 30% | 32% | 45% | 10% |
| Missouri | 17% | 23% | 29% | 47% | 14% |
| Montana | 26% | 40% | 35% | 31% | 15% |
| Nebraska | 29% | 31% | 30% | 38% | 9% |
| Nevada | 23% | 32% | 29% | 49% | 12% |
| New Hampshire | 29% | 36% | 32% | 42% | 12% |
| New Jersey | 26% | 29% | 27% | 45% | 10% |
| New Mexico | 22% | 30% | 28% | 35% | 15% |
| New York | 21% | 31% | 31% | 38% | 8% |
| North Carolina | 29% | 32% | 35% | 40% | 8% |
| North Dakota | 30% | 40% | 35% | 36% | 15% |
| Ohio | 24% | 38% | 31% | 47% | 8% |
| Oklahoma | 30% | 27% | 37% | 45% | 9% |
| Oregon | 26% | 41% | 32% | 36% | 9% |
| Pennsylvania | 25% | 34% | 29% | 44% | 15% |
| Rhode Island | 21% | 25% | 29% | 40% | 10% |
| South Carolina | 22% | 35% | 28% | 47% | 9% |
| South Dakota | 27% | 26% | 34% | 39% | 9% |
| Tennessee | 20% | 23% | 30% | 48% | 12% |
| Texas | 28% | 25% | 32% | 31% | 11% |
| Utah | 25% | 34% | 36% | 47% | 13% |
| Vermont | 22% | 36% | 37% | 34% | 14% |
| Virginia | 23% | 24% | 30% | 38% | 11% |
| Washington | 20% | 41% | 28% | 36% | 8% |
| West Virginia | 20% | 32% | 28% | 48% | 14% |
| Wisconsin | 25% | 25% | 37% | 48% | 14% |
| Wyoming | 22% | 25% | 37% | 40% | 14% |
Source: MFP’s 2024 Homeowners Renovation Survey.
Regional Trends for Renovations Funding
Southern States
- High Cash Flow: Southern states like Alabama, Florida, and Louisiana have relatively high percentages for using cash flow to finance renovations, ranging from 33% to 49%. This suggests a preference for using liquid funds for renovations rather than loans or credit.
- Credit Cards: States like Alabama (18%) and Louisiana (15%) have higher credit card usage for renovations, indicating a reliance on revolving credit.
Western States
- Home Equity: States such as California (32%) and Colorado (28%) show a notable percentage of homeowners using home equity for renovations. This might reflect higher home values and available equity in these states.
- Savings and Reno Loans: Many Western states have balanced figures between savings, home equity, and renovation loans, indicating diverse financing strategies.
Northeastern States
- Home Equity and Reno Loans: States like Massachusetts (34% home equity) and Connecticut (36% renovation loans) show a significant reliance on home equity and renovation loans, possibly due to higher renovation costs and property values in this region.
Midwestern States
- Savings and Home Equity: States such as Michigan (26% savings) and Minnesota (34% home equity) use a mix of savings and home equity, reflecting a balanced approach.
Types of Funding for Renovations
Savings
High Usage: States like Arkansas (25%), Michigan (26%), and Wisconsin (25%) have notable usage of savings. This suggests that homeowners in these states might prefer to save up for renovations rather than taking on debt.
Home Equity
High Use: States such as Maryland (41%) and Washington (41%) have high percentages of homeowners using home equity, likely due to higher property values and the potential to leverage home equity for major renovations.
Renovation Loans
Regional Variation: There is a significant range in renovation loan usage. States like North Dakota (35%) and Maryland (34%) show a high percentage of renovation loans, possibly due to varying levels of accessibility and availability of these loans.
Cash Flow
Higher in Southern and Rural States: States like Louisiana (49%) and South Carolina (47%) use cash flow extensively, indicating a preference for using available funds rather than borrowing.
Credit Cards
Higher in Southern States: As mentioned earlier, states like Alabama (18%) and Louisiana (15%) rely more on credit Homeownerscards, suggesting a higher inclination towards using credit for renovation expenses.
Summary of Renovations Funding
- – Homeowners in Southern states often use cash flow and credit cards more frequently for renovations, while those in Western and Northeastern states lean towards home equity and renovation loans.
- – Savings are a common method across various states, but the percentage varies widely.
- – Home equity is more popular in high-property-value states, suggesting a preference for leveraging home assets for renovation funding.
- – Renovation loans are used significantly in some states, reflecting regional differences in loan accessibility and financial planning.
Conclusion
Most of homeowners are planning home renovations within 2 years. This is due to have more financial incentives to renovate instead of buying a new home due to higher interest. The added value will result in higher selling prices when the conditions of the housing market will improve. Older homeowners also prefer to stay in their home longer while younger ones remodel homes to add family members in their households.
Related Research
2024 Majors Home Repair Survey
