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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Majority of Homeowners Tackling Home Improvement Projects, With Painting, Landscaping and Bathroom Upgrades Topping To-Do Lists

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Content was accurate at the time of publication.
Editorial Note: The content of this article is based on the author's opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Home is where the heart is, but it’s also where the hammer is lately. In the past 12 months, 68% of homeowners started or completed home improvement projects, according to a LendingTree survey of nearly 2,200 U.S. homeowners, while 63% plan to begin one in the next year.

We’ll review the most popular improvements and how consumers pay for their upgrades. Additionally, stick around for tips on navigating home improvement projects — including whether a home improvement loan is right for you.

Key findings

  • With high mortgage rates and low inventory, the majority of homeowners are tackling improvement projects to spruce up their homes. In the past 12 months, 68% of homeowners started or completed home improvement projects, while 63% plan to begin one in the next year. Among generations, millennial homeowners have been the busiest, with 78% working on upgrades in the past year and 72% planning to do so in the next 12 months.
  • Among all planned or completed projects, interior painting, landscaping and bathroom remodels are the most popular. Among those who’ve started, completed or are planning to start a home project, 61% will focus on interior painting, 54% will work on landscaping and 47% will upgrade their bathrooms.
  • The most popular way to pay for these projects typically is with savings. 40% of homeowners doing new windows work are primarily paying with savings — the highest among the projects we highlighted. Next were remodeling unused living spaces or basements, upgrading electrical wiring and adding new roofs, all tying at 39%. Of these four projects, adding a new roof has the highest expected cost at $9,525, on average.
  • Reasons for beginning these projects vary among homeowners. When asked why they’ve worked on a project in the past year or plan to work on one in the next year, 36% say they need to make repairs as their house ages, 27% say their improvements are relatively small and 21% say they’re doing the repairs in preparation to sell their home. Across generations, millennials are most likely to be preparing to sell at 29%. Baby boomers are the least likely to make improvements for this reason, with just 10% making improvements because they’re preparing to sell.

Majority of homeowners are tackling home improvement projects

As the housing market remains competitive, many homeowners turn their attention inward. In the past 12 months, 68% of homeowners started or completed home improvement projects. Meanwhile, 63% plan to begin one in the next year.

Millennial homeowners ages 27 to 42 are the most likely age group to take on an improvement, with 78% working on upgrades in the past year and 72% planning to do so in the next 12 months. That’s followed by:

  • Gen Zers (ages 18 to 26): 70% have started or completed a project in the past 12 months, while 64% plan to start one in the next 12 months.
  • Gen Xers (ages 43 to 58): 65% have started or completed a project in the past 12 months, while 59% plan to start one in the next 12 months.
  • Baby boomers (ages 59 to 77): 54% have started or completed a project in the past 12 months, while 53% plan to start one in the next 12 months.

According to LendingTree senior economist Jacob Channel, there are a few reasons why millennials are the most likely to take on these projects.

“One could be that they’re buying less expensive homes that need more work,” he says. “While there are certainly well-off millennials, members of the generation typically don’t have much wealth compared to their older peers. Owing to this, the only homes that some can afford might be fixer-uppers. Also, millennials may just have more energy to spend on home improvement projects than their older peers.”

Men are more likely to take on home improvement projects than women, with 73% working on improvements in the past 12 months and 67% planning improvements in the next 12 months. Comparatively, 63% of women have done improvements in the past 12 months and 59% are planning improvements for the next 12 months.

Homeowners with children younger than 18 are significantly more likely to be working on home projects than those without children and those with children older than 18. Here’s how that breaks down:

  • Homeowners with children younger than 18: 80% have started or completed a project in the past 12 months, while 77% plan to start one in the next 12 months.
  • Homeowners without children: 62% have started or completed a project in the past 12 months, while 54% plan to start one in the next 12 months.
  • Homeowners with children older than 18: 58% have started or completed a project in the past 12 months, while 53% plan to start one in the next 12 months.

Interior painting projects are most popular — here’s what follows

When it comes to what homeowners are fixing up, the most popular projects are more minor fixes. Among those who’ve started, completed or are planning to start a home project, 61% will focus on interior painting — the top fix. Following that, 54% will work on landscaping and 47% will upgrade their bathrooms.

According to Channel, these projects are likely popular because they involve servicing easily visible and/or high-traffic home areas.

“The more eyes that something has on it, the more likely people might want to make it as presentable as possible,” he says. “Similarly, the more often a person uses something, like their kitchen or bathroom, the more incentive they have to make sure that it’s working as well as it can. On top of that, some of these projects might be more manageable than others, so people might be more willing to take them on.”

The next most popular home projects are:

  • Updating/remodeling kitchen (45%)
  • Installing/replacing flooring (42%)
  • Updating lighting fixtures (40%)
  • Painting exteriors (37%)
  • Adding deck or patio (31%)
  • Installing new windows (30%)
  • Installing security system (28%)
  • Installing new front door (27%)
  • Adding storage space (25%)
  • Upgrading electrical wiring (25%)
  • Updating HVAC system (24%)
  • Remodeling unused living space or basement (24%)
  • Installing new water heater (23%)
  • Adding new roof (22%)
  • Taking on solar panel project (19%)
  • Installing new siding (18%)
  • Adding insulation (17%)
  • Adding new fireplace (15%)

Meanwhile, 12% say they had started, completed or planned to start an improvement not mentioned above.

Many homeowners are paying for improvements with savings

To pay for renovations or upgrades, many homeowners are tapping into their savings. Of those who’ve started or completed a home improvement project in the past 12 months, 40% of homeowners doing new windows work are primarily paying with savings — the highest among the projects we highlighted. Meanwhile, 35% of those who plan to install new windows expect to pay with savings.

Next were remodeling unused living spaces or basements, upgrading electrical wiring and adding new roofs, all tying at 39% among those who’ve started or completed their projects in the past 12 months.

How homeowners plan to pay for their upgrades (by project type)

Payment type% among homeowners who’ve started or completed improvement projects in the past 12 months% among homeowners who plan to start improvement projects in the next 12 months
Interior painting
Savings32%32%
Existing earnings/cash flow48%43%
Finance with a home equity loan2%5%
Finance with a personal loan3%5%
Finance with a home equity line of credit (HELOC)3%4%
Pay with a credit card12%11%
Delay expense or not pay it1%2%
Exterior painting
Savings27%27%
Existing earnings/cash flow41%39%
Finance with a home equity loan6%7%
Finance with a personal loan6%11%
Finance with a HELOC7%5%
Pay with a credit card11%10%
Delay expense or not pay it2%2%
Installing/replacing flooring
Savings35%30%
Existing earnings/cash flow34%34%
Finance with a home equity loan7%11%
Finance with a personal loan5%7%
Finance with a HELOC3%7%
Pay with a credit card15%11%
Delay expense or not pay it1%2%
Updating lighting fixtures
Savings28%24%
Existing earnings/cash flow46%46%
Finance with a home equity loan4%6%
Finance with a personal loan4%3%
Finance with a HELOC2%6%
Pay with a credit card15%14%
Delay expense or not pay it1%2%
Upgrading bathroom(s)
Savings37%32%
Existing earnings/cash flow27%28%
Finance with a home equity loan8%10%
Finance with a personal loan8%9%
Finance with a HELOC5%7%
Pay with a credit card15%11%
Delay expense or not pay it1%3%
Updating/remodeling kitchen
Savings35%34%
Existing earnings/cash flow29%25%
Finance with a home equity loan10%12%
Finance with a personal loan9%8%
Finance with a HELOC7%6%
Pay with a credit card11%12%
Delay expense or not pay it1%1%
Installing new windows
Savings40%35%
Existing earnings/cash flow24%25%
Finance with a home equity loan7%13%
Finance with a personal loan11%10%
Finance with a HELOC6%7%
Pay with a credit card10%7%
Delay expense or not pay it2%2%
Adding a deck or patio
Savings37%31%
Existing earnings/cash flow30%28%
Finance with a home equity loan8%11%
Finance with a personal loan8%9%
Finance with a HELOC5%9%
Pay with a credit card10%11%
Delay expense or not pay it2%2%
Installing a new front door
Savings32%22%
Existing earnings/cash flow38%37%
Finance with a home equity loan7%11%
Finance with a personal loan7%8%
Finance with a HELOC7%8%
Pay with a credit card9%12%
Delay expense or not pay it0%2%
Taking on a landscaping project
Savings27%27%
Existing earnings/cash flow49%45%
Finance with a home equity loan4%6%
Finance with a personal loan3%6%
Finance with a HELOC3%3%
Pay with a credit card13%12%
Delay expense or not pay it1%1%
Adding storage space
Savings29%29%
Existing earnings/cash flow33%28%
Finance with a home equity loan8%15%
Finance with a personal loan7%6%
Finance with a HELOC7%8%
Pay with a credit card12%11%
Delay expense or not pay it4%3%
Updating HVAC system
Savings32%29%
Existing earnings/cash flow25%21%
Finance with a home equity loan14%12%
Finance with a personal loan11%13%
Finance with a HELOC8%14%
Pay with a credit card10%9%
Delay expense or not pay it1%1%
Remodeling unused living space or basement
Savings39%30%
Existing earnings/cash flow35%31%
Finance with a home equity loan7%10%
Finance with a personal loan5%8%
Finance with a HELOC3%8%
Pay with a credit card9%10%
Delay expense or not pay it2%3%
Adding a new roof
Savings39%31%
Existing earnings/cash flow22%24%
Finance with a home equity loan13%14%
Finance with a personal loan9%14%
Finance with a HELOC6%6%
Pay with a credit card9%7%
Delay expense or not pay it2%4%
Installing new siding
Savings37%31%
Existing earnings/cash flow26%21%
Finance with a home equity loan12%15%
Finance with a personal loan9%12%
Finance with a HELOC6%12%
Pay with a credit card7%8%
Delay expense or not pay it2%2%
Installing a new water heater
Savings31%32%
Existing earnings/cash flow28%29%
Finance with a home equity loan8%10%
Finance with a personal loan8%11%
Finance with a HELOC6%6%
Pay with a credit card19%10%
Delay expense or not pay it2%3%
Upgrading electrical wiring
Savings39%32%
Existing earnings/cash flow32%31%
Finance with a home equity loan10%9%
Finance with a personal loan6%6%
Finance with a HELOC3%9%
Pay with a credit card8%14%
Delay expense or not pay it2%1%
Installing a security system
Savings32%34%
Existing earnings/cash flow33%32%
Finance with a home equity loan8%7%
Finance with a personal loan7%8%
Finance with a HELOC4%5%
Pay with a credit card14%12%
Delay expense or not pay it1%2%
Adding insulation
Savings33%N/A
Existing earnings/cash flow29%N/A
Finance with a home equity loan9%N/A
Finance with a personal loan14%N/A
Finance with a HELOC8%N/A
Pay with a credit card6%N/A
Delay expense or not pay it2%N/A
Adding a new fireplace
Savings29%N/A
Existing earnings/cash flow23%N/A
Finance with a home equity loan16%N/A
Finance with a personal loan12%N/A
Finance with a HELOC6%N/A
Pay with a credit card11%N/A
Delay expense or not pay it3%N/A
Taking on a solar panel project
Savings27%25%
Existing earnings/cash flow24%25%
Finance with a home equity loan18%17%
Finance with a personal loan12%14%
Finance with a HELOC5%7%
Pay with a credit card13%12%
Delay expense or not pay it2%0%

Source: LendingTree survey of 1,785 homeowners who’ve started or completed a project in the past 12 months or plan to start one in the next 12 months, conducted in May 2023. Note: Projects with less than 100 respondents weren’t included.

Of the projects with the highest percentage of consumers paying with savings, adding a new roof has the highest expected cost. Those who started or completed a new roof plan to pay an average of $10,994, while consumers planning to do so in the next 12 months expect to pay an average of $9,525.

It’s not the highest-costing project, though. Solar panel projects take the lead here. Those who started or completed a solar panel project paid an average of $11,536, and those who plan to do so in the next 12 months expect to pay $10,843. Following that, the next most expensive project is remodeling or updating the kitchen. Those who started or completed a kitchen remodel paid an average of $8,153, and those who plan to do so in the next 12 months expect to pay $8,106.

Majority of homeowners have enough savings to pay for a $5,000 emergency home expense

Homeowners don’t just have enough cash on hand to pay for improvements — the majority say their bank accounts are padded enough to pay for a large home emergency. If they encountered a $5,000 emergency expense, 53% of homeowners say they’d pay for it with their savings.

Tying for the second most common response, 24% would pay for it with an existing cash flow or a credit card.

By age group, baby boomers are the most likely to pay for a home emergency with cash at 59%. Meanwhile, men (57%) are more likely to pay this way than women (48%). On the other hand, Gen Zers are the most likely to borrow money from family, at 21%.

Full rankings

Home improvement projects started or completed over the past 12 months with the highest average costs

RankProjectAverage cost per project
1Solar panel project$11,536
2Adding a new roof$10,994
3Kitchen update/remodel$8,153
4Updating HVAC system$6,757
5Adding a deck or patio$6,249
6Upgrading bathroom(s)$6,113
7Installing new windows$5,743
8Remodel unused living space or basement$5,717
9Installing new siding$5,398
10Upgrading electrical wiring$3,616
11Installing/replacing flooring$3,469
12Adding a new fireplace$3,354
13Landscaping project$2,811
14Adding insulation$2,691
15Adding storage space$2,667
16Installing a new water heater$2,608
17Exterior painting project$2,536
18Installing a security system$2,429
19Installing a new front door$2,087
20Interior painting project$1,704
21Updating lighting fixtures$1,582

Source: LendingTree survey of 1,475 homeowners who’ve started or completed a home improvement project in the past 12 months, conducted in May 2023.

Home improvement projects starting in the next 12 months with the highest average costs

RankProjectAverage cost per project
1Solar panel project$10,843
2Adding a new roof$9,525
3Kitchen update/remodel$8,106
4Remodel unused living space or basement$6,226
5Adding a deck or patio$6,180
6Installing new windows$5,935
7Upgrading bathroom(s)$5,208
8Installing a new water heater$4,218
9Updating HVAC system$4,179
10Installing new siding$4,071
11Installing/replacing flooring$3,711
12Exterior painting project$3,558
13Upgrading electrical wiring$3,554
14Installing a security system$3,340
15Landscaping project$3,093
16Installing a new front door$2,603
17Adding storage space$2,377
18Updating lighting fixtures$2,040
19Interior painting project$2,031

Source: LendingTree survey of 1,365 homeowners who plan to start a home improvement project in the next 12 months, conducted in May 2023. Note: Projects with less than 100 respondents weren’t included.

36% are taking on improvement projects to repair an aging house

When asked why they’ve worked on a project in the past year or plan to work on one in the next year, 36% say they need to make repairs as their house ages — making it the most common response. Meanwhile, 27% say their improvements are relatively small and 21% say they’re doing the repairs in preparation for selling their home.

Across generations, millennials are most likely to be preparing to sell, with 29% citing this reason. Meanwhile, baby boomers (10%) are the least likely to make improvements because they’re preparing to sell.

According to Channel, it’s certainly worthwhile for homeowners to make upgrades for this reason — particularly as projects like remodeling a bathroom or sprucing up landscaping can add more value to a home.

“For the most part, the better shape that a home is in, the more likely it is to sell and the more money it’ll be worth,” he says. “Of course, a botched or unfinished project is going to have the opposite effect. A buyer might be willing to pay more for a home with a recently remodeled kitchen, but they’re probably going to ask for a discount if the kitchen remodel is only half done or done poorly.”

By demographic, some other findings include:

  • Men (27%) are more likely than women (13%) to undergo projects because they’re preparing to sell the house.
  • Those with children younger than 18 (29%) are significantly more likely to be preparing to sell the house than those without children (16%) and those with children older than 18 (11%).
  • Gen Xers (30%) are the most likely to make relatively small improvements.
  • Baby boomers (54%) are the most likely to say they need to make repairs as the house ages.
  • Women (39%) are more likely than men (33%) to say they need to make repairs as the house ages.

Homeowners likely to rely on the internet to start home improvement projects

The internet offers unlimited access to information — and homeowners are willing to rely on it as they undergo home improvements. When asked how they would start a home improvement project, 30% say they’d begin by looking up information and resources online. After that, 28% say they feel confident they know which supplies to purchase.

The internet also offers inspiration, though some websites and publications offer more ideas than others. Overall, 39% of homeowners say they turn to Home Depot for ideas, inspiration and information, making it the most common response. That’s followed by:

  • Lowe’s (37%)
  • Pinterest (36%)
  • Instagram (24%)
  • HGTV (19%)
  • HomeAdvisor (17%)
  • Better Homes and Gardens (17%)
  • Good Housekeeping (11%)
  • Country Living (10%)
  • Architectural Digest (8%)
  • This Old House (8%)
  • Houzz (7%)
  • Other (6%)
  • House Beautiful (6%)
  • Elle Decor (5%)

Meanwhile, just over a quarter (26%) say they’d just do a Google image search.

Top expert tips for undergoing home improvement projects

While home improvement projects can be costly and time-consuming, they don’t have to drain your wallet entirely. If you’re undergoing a new project, Channel recommends the following:

  • Plan and don’t bite off more than you can chew. “It might be fun to dream about what your house could look like if you gave it a gut renovation,” he says. “But if you start ripping out flooring or knocking down walls without a clear plan for how to remake whatever you break, you’re going to make your life harder than it needs to be. Before you start a home improvement project, be sure it’s something you can complete without killing yourself in the process.”
  • Budget accordingly. “Before taking on a project, thoroughly research how much it’ll cost, and don’t start a project if you won’t be able to afford seeing it through to completion,” Channel says. “On top of that, you should set aside some extra money if something goes wrong and your project costs more than anticipated. At the end of the day, the more you plan and the more you stick to said plan, the easier it will be for you to minimize costs and stay within your budget.”
  • Be willing to hire a professional if the need arises. “Sometimes you might take on a project that looks doable, but in the end requires know-how you don’t have,” he says. “If you run into a major issue that you can’t fix on your own, hire a professional to fix it for you. It might cost more than you’d like, but leaving a project undone — especially if it involves important infrastructural elements of your house — can be a recipe for disaster. Not only can failure to call in a pro when one is necessary make your home unsafe to live in, but it can also cost you even more money in the long run.”
  • Consider a home equity loan. “Americans are sitting on a ton of home equity right now, so there are plenty of opportunities for homeowners to tap into their equity to pay for a big project,” Channel says. “The biggest benefit of a home equity loan is that it can help owners access more cash than they would if they relied solely on their savings.” However, keep in mind that you have to pay back what you borrow plus interest and additional fees like closing costs. Failure to repay what you borrow can seriously hurt your credit score, and, in some cases, can result in losing your home.

Methodology

LendingTree commissioned Qualtrics to conduct an online survey of 2,162 U.S. homeowners ages 18 to 77 from May 17-19, 2023. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. Researchers reviewed all responses for quality control.

We defined generations as the following ages in 2023:

  • Generation Z: 18 to 26
  • Millennial: 27 to 42
  • Generation X: 43 to 58
  • Baby boomer: 59 to 77

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