Outdoor spaces are more in demand than ever according to the 2021 Houzz & Home Report.
According to the survey of more than 70,000 U.S. consumers, outdoor areas have increased in popularity since 2018, with 2020 showing a jump of six percentage points (57%) among renovating homeowners. Improvements to outdoor spaces were directed towards the grounds with beds or borders and lawns seeing significant growth in popularity. Exterior upgrades, such as decks and porches or balconies also came into focus in 2020, with homeowners investing 25% more in deck and porch upgrades ($2,500 and $1,500, respectively) compared with 2019.
The study also found that decor products for outdoor spaces were purchased more frequently by renovating homeowners in 2020 than 2019. Most notably, purchases of fire features, such as fire places and fire pits, were more common in 2020. Better lighting (27%), large or small furniture (25&% and 21%) and pillows and throws (18%) were used to decorate outdoor spaces after renovations.
According to the survey, smart home technology purchases continue to rise in popularity, with streaming-media players and TVs experiencing the greatest annual increases. A larger share of renovating homeowners purchased smart tech for their outdoor spaces than the previous year including, security cameras, light fixtures and speakers or sound systems.
Houzz also found that consumers are renovating more and spending more money on home projects. According to the study, home renovation spend has grown 15% in the last year to a median $15,000. Higher-budget projects (with the top 10% of project spend) saw an increase from $85,000 or more in 2020, compared with $80,000 in the two years prior.
“While the pandemic caused initial concern for the residential renovation industry, many homeowners finally had the time and financial means to move forward with long-awaited projects in the past year,” said Marine Sargsyan, Houzz senior economist. “This pent-up demand, along with other long-standing market fundamentals such as accumulated equity, will empower homeowners to continue investing in their current homes rather than face skyrocketing prices in the housing market.”
To see the full report, click here.