Home Improvement projects jumped over the last two years as many people were relegated to working from home. But now that the return to the office is on, homeowners are still looking to spruce things up around the house and yard.
According to the 2022 LightStream Home Improvement Trends Survey, homeowners are focused on investing in larger projects to make their home more purposeful and joyful.
"When our homes became the place where we did it all – work, school, sleep, eat – many of us hoped the world would soon 'return-to-normal," Todd Nelson, senior vice president of strategic partnerships at LightStream, said. "Now, after two years of living in a new way homeowners are thoughtfully investing in permanent changes to not only accommodate new lifestyles, but also to add more functionality and emotional benefits to their homes."
LightStream’s survey of about 1,300 homeowners found that kitchen (39%) and bathroom (36%) remodels still lead the way in home improvement plans. However, there has been significant growth in other areas including:
- 20% are planning home additions vs. 12% in 2021
- 20% are planning basement/attic renovations vs. 14% in 2021
- 40% are planning outdoor renovations vs. 35% in 2021
Additionally,, according to the survey, homeowners are pivoting toward projects that accommodate remote work/learn lifestyles:
- 25% of homeowners are planning to update technology (i.e. Wi-Fi, smart devices) vs. 17% in 2021
- 19% are improving at-home learning spaces vs.11% in 2021
“The pandemic has redefined our foundational thinking around how we utilize our homes, what we expect and what we want out of them," Nelson said. "Whether it's a new bedroom to accommodate a live-in parent or returning adult child, a home office, a home study room or a backyard escape, more purposeful spaces are clearly a priority for many homeowners. We've got new needs, and we need new spaces to meet them."
LightStream's annual survey also quantifies that homeowners are eager to take on renovations; 62% agree they get excited about the home improvement projects they could do. However, payment strategies clearly vary, as among those planning 2022 renovations.
- 60% intend to use savings vs. 66% 2021
- 35% intend to use credit cards vs. 30% in 2021
- 23% intend to use a home equity line of credit vs. 9% in 2021
- 21% intend to take out a home improvement loan vs. 14% in 2021
- 17% intend to liquidate or tap into investments vs. 8% in 2021
Also, 43% agree that they wish they knew more about how best to pay for home improvement projects. Wanting to learn more about financing options was a need expressed across all generations: Millennials (68%), GenZ (47%); GenX (43%) and Boomers (21%).
