MENLO PARK, Calif. – Data analysts at Kukun, an online platform that helps homeowners learn about the home remodeling process, say the home renovation market is poised for significant growth in 2016, led by Millennials who are among the most active home renovators - at least among those who use online tools to aid in the process.
“More [existing home] sales means more renovations. More renovations means more people needing tools to help ease the process and make it more efficient,” said Raf Howery, CEO and co-founder of Kukun. “Major metropolitan areas, such as San Francisco and New York, are seeing the greatest number of home renovations due to their growing housing markets.
“We’re also happy to see Millennials are embracing the renovation process. Their generation is environmentally conscious and wants homes with sophistication, history and character. They’re key for the demand in technology like ours to solve the complexities of the home renovation process. Kukun is the perfect tool to fit their needs.”
The study also outlined the cost of energy efficient projects including air conditioning, electrical upgrades, hot water heater, can lighting, furnaxe and house water supply lines.
Additional findings from the report include:
- The home remodeling market’s 5 percent growth in 2016 is directly tied to the increase of real estate sales. More sales equals more renovations.
- California has the largest home renovation economy, due to its affluent population and mild weather, which allows people to renovate year-round.
- Renovations were planned eight times more than additions projects.
- Women plan 59 percent of home renovations and are the initiators of those projects
- Kitchens and bathrooms remain the most popular home renovation projects. Bedrooms and bathrooms top the charts for popular additions.
- The average home renovator in Kukun plans three projects and spends $43,000.
- Three quarters of people planning to renovate a bedroom wanted to redo their bathrooms, as well.
- More than three quarters of people thinking about renovating their living room were planning to do their kitchens too.
Kukun offers tools for home renovators who’d like to complete any renovation project for their home. By renovating existing homes in smart ways, unnecessary buildouts are avoided.
Kukun reports that in under two years, more than 55,000 projects worth more than $450 million in total renovations have been estimated on the platform, which Kukun has traced since its inception in 2014. See mykukun.com for more information.
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