Many homeowners would rather remodel or improve their residences than move, at least that is the sentiment according to recent findings from the American Housing Survey (AHS).
From 2009-2011, homeowners spent $359 billion on improvements to their residences, according to the survey’s infographic. On average, homeowners spent a median of $3,200 on improvements to their homes during this time.
Sponsored in part by the Department of Housing and Urban Development (HUD), the survey tracked how much homeowners spent on various renovations, from bathrooms and bedrooms, to kitchens and recreation rooms.
Homeowners spent an average $2,432 on bathroom renovations, $2,500 on bedrooms, $5,000 on kitchens and $3,000 on rec-rooms.
Well over half of homeowners made improvements to their residences, or 57% of the 76.1 million total owner-occupied housing units recorded in the survey.
A significant portion of these renovations were even taken on by homeowners themselves.
Of the 119 million remodeling projects that occurred during the three year time period, data show 44 million were taken on by “do-it-yourselfers.”
The largest share of remodeling activity related to appliances and major equipment, consuming 35% of the total renovations. These were closely followed by flooring, paneling and ceiling projects, which represented 32%, with windows and doors representing 20% of all activity.
Home improvements, according to AHS, exclude “routine maintenance,” which is defined as regular repair activities necessary for the preventive care of the structure, property and fixed equipment items.
Written by Jason Oliva