The Dish on Home Renovation Trends: New Yorkers Pay More, Millennials Love to DIY
It’s no surprise that New Yorkers spend more on renovation costs than their Midwestern counterparts. But we’ve got a few statistics to back it up, along with some other insightful nuggets.
A recently flipped Bed Stuy home at 462a Quincy Street
While it isn’t easy to gather oodles of info on people rehabbing their homes, a pair of national reports have shed some light on what goes on behind renovated doors.
It’s no surprise that New Yorkers spend more on renovation costs than their Midwestern counterparts. But we’ve got a few statistics to back it up, along with some other insightful nuggets, inspired by Harper’s Index.
Do any of these numbers surprise you?
DIY projects and New York budgets
- Amount of renovation budget devoted to DIY projects by millennials (under 35): 34 percent
- By baby boomers (45 to 54): 18 percent
- How much New Yorkers spent on remodeling in 2013: $12 billion-plus
- Percent of New Yorkers who reported spending money on home repairs in 2013: 25
According to Harvard University’s Joint Center for Housing Studies’ 2015 Emerging Trends in the Remodeling Market [PDF]
How does New York match up to the rest of the country?
- Average cost paid for a kitchen remodel in New York: $73,202
- Average cost paid for a kitchen remodel in America: $59,999
- Most expensive average cost for a single-room renovation project: $149,572 for a master suite addition
According to Remodeling Magazine’s 2016 Cost vs. Value report
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