More homeowners who scored a low interest rate are spending $50,000 or more to renovate

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More homeowners who scored a low interest rate are spending $50,000 or more to renovate
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Many homeowners today are spending tens of thousands of dollars remodeling and renovating their homes purchased during the pandemic.

According to a report by Houzz, the median amount spent by homeowners on renovations last year was $22,000.According to a report by Houzz, the median amount spent by homeowners on renovations last year was $22,000.Nearly 3 in 5 homeowners had remodeled or decorated last year, and nearly half made repairs, the report noted.

The most popular areas that homeowners choose to renovate include the kitchen and bathroom. These areas also require the highest amount of spending. The median expense of renovating a bathroom was $20,000 and a kitchen, $13,500.

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