Home projects up, but budgets down

The majority of US homeowners prioritized cost-friendly home improvement options in May, whether that meant opting for smaller-scale projects or going the do-it-yourself route, says a survey by the Home Improvement Research Institute (HIRI) and The Farnsworth Group. The survey shows 52% of homeowners spent under $500, 19% spent between $500 and $999, 17% spent between $1,000 and $4,999, and 12% spent more than $5,000. These spending patterns indicate that a significant portion of homeowners are taking on smaller scale projects, but both future intent and actual completions of home improvement projects is still very high. Most homeowners (84%) have completed a home repair or maintenance project and 19% say they are definitely planning to start a project within 30 days. Another 31% says they will probably start a project in the next 30 days (the highest percentage so far in 2023). Further data from HIRI’s Monthly Trackers shows that fewest number of homeowners report a project having been postponed or cancelled than at any time so far in 2023. So, ultimately, homeowner intent to remodel is strong, but budgets are narrower than in the last couple of years.