Doing your own home improvement projects can be a great way to save money and make your home feel unique. No wonder Americans spent an estimated $624 billion on home improvement projects over the past few years, a number that keeps rising today. What other interesting factoids can we dig up for you on the real DIY trends we’re seeing? Stick around, we’ve got all the DIY home improvement statistics you need right here!
Spending Has Increased by $100b
Over the past 4 years, Americans have spent a lot more on their DIY projects. As we mentioned above, $624 billion (data courtesy of NerdWallet) was spent over the past few years, representing a stark increase of $100 billion in the past five years, as more homeowners try their hands with do-it-yourself projects in hopes of cutting out the cost of paying a contractor instead. This represents an increase of 17%, or about 130 million new DIY projects that were pursued by homeowners.
Here are a few other interesting stats we were able to dig up for you:
- Of these total projects, consumers did contract them out here and there. But data finds that about 53 million consumers opted to do it themselves.
- Most consumers polled (about 53%) said that the intention of their DIY home improvement project wasn’t to increase their home’s resale value but instead to add comfort or update the look.
- Over the past decade, homeowners have increased their spending on home improvement projects by more than 100% across the board.
- For 2021, the average DIY home improvement cost about $4,500.
- About 25% of homeowners decided they had the grit, skill and follow-through to take on their own home improvement project over the past 18 months.
- Almost 95% of homeowners polled say they plan on undertaking a new DIY home improvement project within the next 24 months. About half say it’s to add or to renovate a new room in their house.
The Cost Savings
Now let’s look at the cost savings associated with DIY home improvement projects. According to the latest data, DIY projects can save homeowners an average of 20-30% compared to hiring a professional. This can add up to significant savings over time
Another cost-saving benefit of DIY home improvement is the ability to shop around for the best deals on materials. DIYers can often find materials at a discounted price, which can further reduce the cost of their project.
What’s more, DIYers can save money on labor costs by doing the work themselves. This can be especially beneficial for large projects that require multiple workers. By doing the work yourself, you can significantly reduce the cost of your project.
Average Home Value Increases
Did you know that one sweet benefit of DIY projects is that they can potentially increase your home's value by up to 10%. This can be a great way to add value to your home without breaking the bank. Focusing on curb appeal is the easiest way to add more value to your home. Projects such as painting, landscaping, driveway resurfacing, deck refinishing and waterproofing, and replacing old fixtures can all make a big difference.
If you’re considering taking on a DIY home improvement project, now is the time to start planning. With the latest DIY home improvement statistics in hand, you can make an informed decision and ensure that your project is a success.
Along the way, Liquid Rubber is here to help! It’s the preferred solution for many homeowners and DIY enthusiasts, with easy-to-apply products and video tutorials that help you get the best results. Browse our online catalog to see our products, and easily order all the supplies you need in advance!