Remodeling Expenditure Estimates Revealed for 2017

Filed in Economics, Remodelers by on May 31, 2017 1 Comment

Home owners who remodel in 2017 will spend an average of $6,148 on each project, according to NAHB’s recent projections of spending by ZIP code for each of over 26,000 ZIP codes across the United States.

Average spending per improvement will range from under $2,300 to over $22,000.

California, Texas, Florida, New York and Illinois are projected to have the largest total spending by home owners on remodeling projects statewide. Connecticut, Massachusetts, New Jersey, Maryland and the District of Columbia are projected to have the highest spending on remodeling per home.

To determine these by-ZIP code estimates, NAHB looked at the number of homes in the area, the share of those built in the 1960s and 1970s, and owners’ average income and level of education.

You can purchase the datasets on nahb.org to determine how much home owners will spend. For more insights, read the full article in the NAHB Eye on Housing blog from NAHB economist Paul Emrath.

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  1. Mac Smith says:

    I have been in the remodeling business for over 20 years, and the $6200 average remodel price has remained in place during recessions and inflationary times. I have personally realized also that once the job amount exceeds about 10% of the home value, the remodel can become harder to close. This average maintained when we had a single job at $214K in that year, and in the years when the largest job amount did not exceed $60,000.
    I have no reason for this average to maintain at that level and have found this to be very curious given the time period that this has held true.

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