More homeowners are turning toward home improvement projects as mortgage rates continue to stay high, and many people — especially millennials — are staying put as they become priced out of the market. As a result, homeowners are looking to home projects and renovations to increase the value of their homes and make it closer to their dream, according to Angi, a home services website that allows users to search for contractors for home improvement work. The agency, which surveyed more than 6,000 homeowners in the U.
S., found they spent 51% more on home projects last year compared to 2019, according to its “State of Home Spending” report . The top reasons for not completing work were budget related: Either the total project costs or estimates were too high or there was an immediate need to do emergency or unplanned projects.
Last year, homeowners spent an average of $9,542 on home improvement projects, according to the report. “Despite the moderate impact of inflation, homeowners are still improving their home, especially over the past five years,” the report read. “In the eight years we have tracked homeowner spending on home improvement and remodeling, 2023 is the second-highest average.
” Here are some home projects for less than $2,000 that will elevate any living space on a small budget. Painting is easily one of the cheapest projects a homeowner can do that has the biggest impact aesthetically, said Nick Slavik, chair of board of directors for the Painting .