Remodeling Craze: More Owners Plot Projects

March 30, 2015

More Americans are staying put and renovating their homes this year. Nearly 28 million or 12 percent of Americans plan to move this year, down from 16 percent last year, according to the American Express Spending & Saving Tracker, a survey of more than 1,800 adults.

One reason why some are staying put this year is the majority of Americans view the housing market as a "buyer’s market." Thirty-seven percent of those surveyed view the current market as a "buyer’s market," compared to 25 percent who called it a "seller’s market."

For those who do not plan to move this year, many owners are planning to renovate instead, with home renovation projects that are expected to average $4,100 this year.

The top projects on their to-do list in 2015:

  • Redoing a kitchen or bathroom
  • Cosmetic work, like painting
  • Improving landscaping
  • Installing new flooring
  • Building/redoing a deck or patio

Additionally, home owners say they're doing more "green" home renovations, such as getting more energy efficient windows and doors or alternative energy systems. Home owners in New York, Florida, and California had the most "green" projects planned, according to the survey.

Where are most Americans drawing their renovation inspiration? Home design TV shows, finds the survey. Thirty-seven percent of adults surveyed say that home design TV shows provide their biggest source of inspiration for home improvement projects, followed by online magazines, do-it-yourself-themed blogs, and social media.

Source: American Express Spending & Saving Tracker