2017 Hearth Home Renovation Survey

2017 Hearth Home Renovation Survey

home-renovation-surveyTo conduct the Hearth Home Renovation Survey, we asked 2,000 American homeowners about their remodeling plans and habits for the upcoming year. The survey was conducted via mobile phone on May 16, 2017.

Ranking of U.S. States That Have the Most Homeowners Who Prefer to Fund Renovations With a Credit Card

  1. Alaska (33.3%)
  2. Delaware (33.2%)
  3. New Jersey (25%)
  4. Rhode Island (24.9%)
  5. New York (24.6%)
  6. Maryland (20%)
  7. North Carolina (17.1%)
  8. Tennessee (17%)
  9. California (16.5%)
  10. Virginia (16.1%)
  11. Arkansas (16%)
  12. Minnesota (15.8%)
  13. Washington (15.6%)
  14. Nevada (15.4%)
  15. Colorado (15%)
  16. Indiana (14.9%)
  17. Louisiana (14.8%)
  18. Arizona (14.3%)
  19. Idaho (14.3%)
  20. Michigan (14.3%)
  21. Texas (14.1%)
  22. Florida (13.7%)
  23. New Hampshire (13.6%)
  24. Missouri (12.7%)
  25. Illinois (12.2%)
  26. Nebraska (11.5%)
  27. Mississippi (11.1%)
  28. Utah (11.1%)
  29. Maine (10.8%)
  30. Georgia (10%)
  31. Oregon (9.9%)
  32. Pennsylvania (9.6%)
  33. West Virginia (9.2%)
  34. Alabama (9%)
  35. Wisconsin (8.6%)
  36. Ohio (8%)
  37. Oklahoma (7%)
  38. Kentucky (6.5%)
  39. Iowa (6.2%)
  40. Kansas (2.9%)
  41. Connecticut (2%)
  42. Hawaii (1.9%)
  43. Massachusetts (1.9%)
  44. Montana (1.5%)
  45. New Mexico (1.4%)
  46. North Dakota (1.2%)
  47. South Carolina (1.1%)
  48. South Dakota (0.9%)
  49. Vermont (0.8%)
  50. Wyoming (0.6%)

Ranking of U.S. States That Plan to Begin a Home Renovation in the Upcoming Year

  1. Hawaii (33%)
  2. Kansas (32%)
  3. Montana (29%)
  4. Rhode Island (29%)
  5. New Hampshire (24%)
  6. Utah (24%)
  7. Michigan (22%)
  8. Connecticut (21%)
  9. Missouri (21%)
  10. Maine (21%)
  11. Arkansas (20%)
  12. Minnesota (20%)
  13. Idaho (20%)
  14. Kentucky (19%)
  15. Iowa (19%)
  16. Nebraska (18%)
  17. Massachusetts (18%)
  18. Alabama: (18%)
  19. Tennessee (17%)
  20. South Dakota (17%)
  21. Pennsylvania (17%)
  22. Washington (16%)
  23. Wisconsin (16%)
  24. Florida (16%)
  25. Texas (16%)
  26. Mississippi (15%)
  27. New York (15%)
  28. Virginia (15%)
  29. West Virginia (15%)
  30. California (15%)
  31. Illinois (15%)
  32. Maryland (14%)
  33. Delaware (14%)
  34. North Carolina (14%)
  35. Indiana (14%)
  36. Oklahoma (13%)
  37. Ohio (13%)
  38. New Jersey (13%)
  39. Vermont (13%)
  40. Nevada (12%)
  41. Oregon (12%)
  42. South Carolina (11%)
  43. Arizona (11%)
  44. Colorado (11%)
  45. Georgia (11%)
  46. Louisiana (10%)
  47. Wyoming (5%)
  48. Alaska (5%)
  49. New Mexico (5%)
  50. North Dakota (4%)

Other Findings

16% of American homeowners are thinking about renovating

11% say they’ve begun a renovation in the last 5 years, 16% plan to begin one in the next year, and 17% are saving money for a future renovation.

National ranking of rooms Americans want to renovate most

We asked, “If money was no object, which room would you renovate next in your home?”

  1. Kitchen (38%)
  2. Bathroom (15%)
  3. Living room (12%)
  4. Basement (10%)
  5. Bedroom (10%)
  6. Office (2%)
  7. Dining room (2%)
  8. Guest room (2%)
  9. Attic (2%)
  10. Other (6%)

12% of American homeowners finance renovations with a credit card

62% say their preferred renovation financing method is with savings or cash. Alarmingly, 12% say they’re most likely to use a credit card. Another 26% prefer financing with a loan.

1 in 3 American homeowners worry they won’t be able to afford renovations

29% say their biggest maintenance concern is not having enough money to finance home projects. Another 25% are concerned they won’t be able to fix necessary things in their home, while 19% are worried about not being able to get to the renovation projects they’d like.

15% of American homeowners never borrow money

When asked how they prefer to borrow money when they need it, 28% of American homeowners said they usually opt for bank loans. 17% prefer to borrow from credit unions, 15% take out personal loans, 12% borrow from family, 11% use credit cards, 1% use peer-lending providers, and 15% never borrow.

American homeowners who want to renovate on a budget can use our home improvement loan calculator to see how different interest rates and loan amounts would affect their monthly paymentsgiving homeowners a good idea of what they’d be able to afford before getting too far into planning the project.