Renovations are on the rise. Designers are adapting
Millions of Americans are choosing to renovate their homes instead of moving to a new address, driven by factors such as aging housing inventory, lack of available homes, and high mortgage rates. The renovation market is expected to reach a record $524 billion in 2026, with many homeowners opting to stay in their current homes and invest in renovations rather than losing favorable interest rates or dealing with costly new construction.
Home renovations are on the rise in the US. Many homeowners are choosing to stay in their current homes and renovate instead of moving to a new address. The main reasons for this trend include aging housing inventory, lack of available homes, and high mortgage rates. Homeowners who have locked in favorable interest rates are hesitant to move and lose these rates. Renovations can also be more cost-effective than building a new home, especially when considering zoning regulations and potential loss of square footage. The renovation market is expected to reach a record $524 billion in 2026. Designers and architects are seeing an increase in renovation projects, with some reporting that renovations now account for more than half of their work.
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