Americans spent $538 billion at home improvement stores in 2021.
If you're searching for home improvement statistics, keep reading.
On this page you’ll find new home improvement and remodeling statistics and facts related to:
- Home improvement industry growth
- Home improvement cost
- Home improvement industry size in the U.S.
- Global home improvement industry size
- Home improvement retailers market share
- And much more
Let’s dive right into the stats!
Key Home Improvement Statistics:
- Americans spent $538 billion at home improvement stores in 2021.
- 59% of U.S. homes were developed before 1980.
- The remodeling industry in the U.S. generated $1.1 billion in revenue in 2021.
- The global home improvement & remodeling industry was worth $762.0 billion in 2020.
- The average annual home improvement spend per homeowner in the U.S. is $7,560.
- The home improvement industry is expected to grow by 4.3% from 2021 to 2027.
- The average cost of a home remodel can cost anywhere from $15,000 to $200,000.
- The U.S. home remodeling market was estimated to be worth over $340 billion in 2020.
- The total home improvement sales in the U.S. in 2024 are projected to reach $510 billion.
- U.S. hardware stores generated $61.8 billion in revenue in 2021.
- In 2018, there were over 13 million remodeling projects that were started in the U.S., and most of them costed at least $1,000 or more.
- 37% of homeowners prefer to do their renovations themselves rather than hiring a professional.
- Home Depot has a 30% market share (which is worth $1 trillion) of the home improvement industry.
- Lowe's has a 30% market share (which is worth $1 trillion) of the home improvement industry.
- In 2020, Menards had 3% of the market share in the home improvement and remodeling industry.
Global Home Improvement Statistics
The global home improvement industry has done well over the past few years, and it is expected to grow at a considerable rate over the next few years.
There has been a lot of data collected over the past few years that shows this industry is doing well and has the potential to do even better. Here are a few of the statistics that deal with the global home improvement industry.
Overview Of The Home Improvement Industry
How big is the home improvement industry globally?
At the end of 2020, the global home improvement & remodeling industry was valued at approximately $763 billion.
It's expected to only grow over the next few years thanks to the many trends and factors that are known for effecting this industry.
When looking at the home improvement industry, as a whole, it is important to know the different things that are included in the industry because it has many segments that make it up.
What is the home improvement market growth rate?
At the end of 2020, the CAGR of the home improvement and remodeling industry was expected to grow by over 4.8% from 2021 to 2027.
The global home improvement market is expected to grow gradually over the next few years.
It's important to note that this expected growth could change at any given time depending on the market and need for the products and services of this particular market.
Who are the key players in the home renovation market?
When it comes to figuring out who the key players are in the home renovation industry, there are a lot of factors that you will need to consider because the industry has such a vast market base.
However, there are a few companies that have made an excellent name in the industry for their quality work and salesmanship, and here are a few key players that have set the standard for the industry:
- Henkel Corporation
- Keller Supply Company
- Dreamstyle Remodeling
- Pella Corporation
- Kohler
- Builders FirstSource
What are the factors driving the home renovation market’s growth?
We have mentioned that certain factors are driving the home renovation industry's growth, and here, we will talk about a couple of the largest factors to give you the best information possible.
1. In the year 2020, many millennials were expected to purchase their first homes.
Whenever there is a large portion of the population purchasing homes, renovations for those homes will be expected to make the homes more appealing to the buyers.
After all, the best way to sell a home is to make sure that it is renovated and remodeled in the most popular trends for the larger group of the population that is expected to be looking.
2. Many homeowners are wanting to go green, which means many homeowners are improving and remodeling their homes.
Compared to the past, there have been countless remodeling products and techniques that have been released to make homes green, which means eco-friendly to the environment.
Therefore, many people have been remodeling their homes with these products and techniques to help not only make their lives cleaner but to help the overall environment, as well.
What is the average price to completely renovate a home?
When you start looking to remodel an entire home, the average cost of the remodel can cost anywhere from $15,000 to $200,000, depending on the size of the home and what is actually being remodeled and renovated.
The average price of renovating a home can vary drastically depending on different things. For instance, if you are planning on only remodeling a single room, then the price for your renovation will be decreased drastically.
Some of the factors besides the size of the home that can cause a drastic range in pricing are location, types of materials used, underlying issues, and mechanical repairs.
How competitive is the home improvement industry?
Every successful industry has some sort of competition that helps to drive it, and the home improvement and remodeling industries are no different.
There is a competitive nature at every phase of this industry from the manufacturers, the products, and the people who perform the services as their primary job.
U.S. Home Remodeling Statistics
Over the past few years, the U.S. home remodeling industry has really taken off, and it is expected to grow exponentially now with all of the millennials finally getting to the age where they are going to be purchasing some of their first homes. Here are a few statistics on what we have seen that help to support this notion for the U.S. home remodeling industry.
How big is the U.S. home remodeling industry?
The United States home remodeling market was estimated to be worth $374.6 billion in 2018.
The home remodeling industry in the United States really started taking off back in 2018.
That year, there were over 13 million remodeling projects that were started in the United States, alone, and most of them cost at least $1,000 or more.
According to new statistics, households with higher incomes and those that have multiple properties tend to be the bulk of those who get into home remodeling, and they do so more frequently.
Those in lower to mid-range income brackets will start home improvement projects, but they tend to do them less often and do not splurge for the higher-priced materials, and tend to only remodel when it is a dire necessity for their home.
What is the U.S. home remodeling market growth rate?
According to the data collected back in 2018, the United States home remodeling market was estimated to be around $374.6 billion.
Since then, the overall market in the United States has grown by billions of dollars, which shows the true potential of this particular industry.
Different segments in this industry have done better than others, but as a whole, the industry has grown.
Who are the key players in the U.S. home remodeling market?
In the United States, the home remodeling industry is one of the best in the country, and it has untapped potential because people are always interested in bettering their homes and make them higher-tech and beautiful than their current state.
There are hundreds of companies in the U.S. that specialize in home remodeling products and services, but only a few can be considered key players in the industry. Here are some of those key players:
- T&A Supply Company Inc.
- R.E. Michael Company LLC
- F.W. Webb Company
- Watsco Inc.
- HD Supply Holdings, Inc.
- Pacific Coast Supply LLC
- Beacon Roofing Supply Inc.
What are the factors driving the home remodeling market’s growth?
There are more to statistics hat just looking at numbers to see how the industry is doing if you wish to understand what you are currently looking at.
Three main factors have been driving the success of the home improvement and remodeling industry in the United States. Here they are:
1. The age of current homes
Statistics have shown that almost 80% of the nation's 137 million homes in the United States are at least 20 years old, and over 40% of those homes are older than 50 years old.
This says a lot because the older a home is, the more outdated and in need of remodeling it is. Even if it is still a beautiful home, 50 years and even 20 years is a long time not to remodel and update different aspects of the house.
2. Millennials will start purchasing homes
2020 and 2021 is expected to be a flourishing year for Millennials to begin purchasing some of their first homes, and Millennials tend to enjoy higher-tech features, which many homes are lacking. Therefore, a lot of people have been remodeling and improving their homes in preparation for selling them and making them more appealing to the Millennials.
3. Increase in home value
Over the past few years, the equity of homes has almost doubled, which allows people to feel more pride in their homes and feel as though they should update and renovate their homes.
DIY Home Improvement Statistics
When it comes to home improvement, not everyone wishes to pay someone else to come into their home and make these improvements.
Many people enjoy the DIY aspect that many projects can provide. Here are some of the statistics that surround the DIY home improvements that have been going on in recent years and expect to continue in the future.
What percent of homeowners have done DIY home projects?
According to statistics, 37% of homeowners prefer to do their renovations themselves rather than hiring a professional.
Generally, DIY renovations are cheaper than having to hire a professional, but it also depends on if the homeowner has the know-how and time to complete their projects effectively.
Notably, some home improvement projects will require some sort of professional at some point to ensure it is done correctly and safely, but there are thousands of projects that can easily be done by homeowners themselves, as long as they have the patience and desire to do so.
What percent of homeowners prefer a professional home renovator instead of DIY home projects?
Depending on the type of renovation job, some people do not feel completely comfortable doing the job themselves.
As a matter of fact, when polled, around 63% of homeowners admitted that they would rather hire a professional home renovator for their job than do it themselves.
However, out of that percentage, 5% of them did admit that they attempted to tackle the job before they made the final decision to hire a professional.
Home Improvement Retailers Market Share
The home improvement industry has several retailers that help to boost the overall statistics and revenue of this particular industry. Here are a few statistics that deal with this particular market share in the industry.
What is Home Depot’s market share?
Home Depot is one of the largest companies in the home improvement industry. This company currently has 30% market share (worth $1 trillion) of the home improvement industry.
What is Lowe’s market share?
Lowe's is a home improvement company that is right next to Home Depot, and they also have a 30% market share of the home improvement industry, and it is expected to grow, over the next few years, but currently, the market share is approximately $1 trillion.
What is Menards' market share?
Back in 2020, Menards' had 3% of the market share in the home improvement and remodeling industry.
This is a huge drop from Home Depot and Lowe's, but it still averages in the billions, which can assist the company to remain open and thriving for their customers.
What is Ace Hardware Stores market share?
Ace Hardware is often compared to Home Depot and Lowes, but is Ace Hardware bigger than either of these stores?
In the United States there are 4,418 Ace Hardware store locations, and there are only 2,284 Home Depot locations.
So, when it comes to having more locations, the answer is yes that Ace Hardware does have more locations than Home Depot.
However, Ace Hardware stores also tend to be a lot smaller than Home Depot stores, and Home Depot is actually one of the preferred home improvement stores for millennials.
They have a 2% market share, but they are still one of the top home improvement store chains in the United States.
Home Improvement Statistics Since COVID-19
Like most industries, the home improvement and remodeling industry did see a small decline in revenue due to the Covid-19 pandemic, but here are a few statistics about this industry and how it is doing now that the pandemic is slowly losing.
Do homeowners renovate their home more or less during the COVID-19 pandemic?
Despite the pandemic, many millennials still went through with buying some of their first homes, and although this was an excellent choice on their part, many of them admitted that the homes they purchased required more renovations than they had anticipated.
When looking at their budget, many of these millennials said that if it was in their budget after purchasing their home, they would spend the extra money left over in their budget to go ahead and remodel or renovate their new home to their preferred specifications.
What is the home improvement market growth rate since COVID-19?
During the peak of the pandemic, the overall home improvement market growth rate took a small decrease compared to the predictions that were made before the start of the pandemic.
However, now that the world is slowly getting on the other side of the pandemic, many people have started working on their home improvement projects again, whether it be DIY projects or projects that require them to hire a professional to get the job done.
Although the numbers have not reached the predicted market growth rate before the pandemic, it is well on its way to recovering and getting back on track.
How have home remodeling companies handled the Coronavirus pandemic?
Due to so many people being stuck at home during the pandemic, many people found that they wanted some sort of project to keep their mind off of everything going on out in the world.
Therefore, there were quite a few indoor and backyard projects that were started or at least planed in the height of the pandemic.
Many home remodeling companies, while respecting the government's shut down policies, still kept their stores open to somewhat operation, but they added things like contactless delivery and curbside assistance to help reduce the need for contact.
Many of these stores also kept their websites open and operating to be able to send out materials to their customers even though the height of the pandemic.
Has COVID-19 impacted the average price to renovate a home?
Covid-19 has definitely impacted the average price to renovate a home because due to supply and demand, the cost of many materials have increased, and for home renovators, the risk to their own health has also been factored into pricing, which did cause a slight increase in the average price of home renovations.
Conclusion
The home improvement and remodeling industry have several segments that make up the entire industry, and each one can account for different types of products and services.
When people think about home improvement there are a few companies that come to mind where they tend to go for their materials and ideas, but despite COVID-19, this industry has actually managed to thrive better than others.
Some believe this is because so many people had to spend time in their homes and the ideas of how to make their homes better were made more apparent the longer they had to stay home.
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