50% of People Say They’ll Spend Less on Home Improvement Projects This Year

If everything you need to complete your dream home improvement project seems more expensive than ever, that’s because it is—and it’s stopping people from paying more money to have those projects done by professionals. Instead, they’re turning to DIY.

A Today’s Homeowner survey published early this year reveals that roughly 50% of homeowners said they would spend less on projects in 2023, while 28% said they would spend “significantly less.” According to a report from Harvard University's Joint Center for Housing Studies, home renovation and maintenance spending grew by 16% in 2022, but its growth is now slowing—2023 is only seeing 2.6% growth.

Homeowners are hesitant to borrow money for home improvement projects or renovations and are instead leaning into DIY projects, according to Today’s Homeowner. While inflation in the U.S. hasn’t been as high as it was in June 2022, economists predict that the rising costs of everything from food to gas could persist until 2025, a survey from Bankrate shows. About one third of adults between the ages of 18 and 35 reported that inflation pushed them to do home improvement projects themselves instead of hiring a contractor.

Of course, the reduction in renovation and maintenance spending isn’t the same across the board. In some states, homeowners are tightening their budgets more than others. In Connecticut, for instance, nearly 72% of homeowners said they're scaling back, while in Vermont, just 30% are doing the same. No matter how you cut it, though, Today's Homeowner says homeowners are reducing their home improvement spending this year.

Thankfully, there are plenty of ways to complete your home improvement project while spending less money—as long as you’re willing to put in a little elbow grease. From building your own furniture and headboards to crafting your own organization and storage solutions, making your home your own while staying within a budget can absolutely be done. Of course, it can be a bit trickier if your goals involve basic electrical wiring know-how (swapping out light fixtures, for example), but even those projects can be quick, easy, efficient, and safe, as long as you go in with the right plans, do your research, and only take on the projects that fall within your skill range and ability.