MSN: TheHomeMag's Inaugural Home Improvement Survey: Unveiling the Trends and Insights

In an era where home improvement projects are becoming increasingly significant, TheHomeMag has teamed up with national research firm MRI-Simmons to launch their first annual home services survey. This report provides a comprehensive look at home spending trends, motivations, and the evolving priorities of homeowners. As high mortgage rates deter many from moving, the insights from this survey are timelier and more relevant than ever.

Staying Put and Enhancing Homes
The survey reveals that a significant 40% of homeowners have undertaken more home improvement projects due to rising interest rates, which have made moving or purchasing a new home less feasible. Tom Bohn, President and COO of TheHomeMag, emphasized this trend, stating, “What our survey showed is that 82% of homeowners have no intention to sell in the next 12 months, so they are overwhelmingly looking to stay put for now, and increase the value of their property through renovations and upgrades.”

​Financial Commitment to Home Projects
Homeowners are investing heavily in their homes. National surveys have found that those who undertook at least one project in 2023 spent an average of $9,500—a 12.5% increase from 2022. Younger homeowners, particularly those aged 27 to 42, spent nearly $700 more than the overall average, reflecting a growing trend of improving current homes rather than purchasing new ones. This financial commitment underscores the importance of maintaining and enhancing the livability of existing properties.

Popular Home Improvement Projects
Among the top home improvement projects completed over the past 12 months, landscaping and bathroom remodeling lead the list. Other popular projects include garage organization, closet systems, roofing, and converting rooms into home offices. Additionally, many homeowners invested in gutters, swimming pool maintenance, window replacements, and adding outdoor living spaces such as decks, porches, or patios. These projects highlight a desire to both enhance functionality and boost property value.

Prioritizing Quality Over Price
One of the key insights from the survey is the emphasis on quality. A substantial 85% of respondents prioritize quality over price when it comes to home improvements, indicating a long-term approach to enhancing their homes. Furthermore, 91% of homeowners are always on the lookout for new ways to improve their homes, with 45% planning to remodel within the next 12 months. This focus on quality is driving long-term value rather than quick fixes aimed at selling properties quickly.

​Community and Local Business Support
A surprising revelation from the survey is the strong preference for supporting local businesses. About 79% of homeowners prefer to purchase products from companies that advertise or sponsor events in their community. Bohn observed, “I think this is an indication that people are starting to once again prioritize community and want to invest holistically in where they live.” To facilitate this, TheHomeMag has launched Marketplace, a new platform that connects homeowners with certified home improvement professionals. Available at AskHomey.com, the platform also features an AI chatbot to inspire and visualize home improvement projects. Currently in 17 markets, a nationwide launch is planned for later this summer.

Engaging and Influential Content
Based on results, TheHomeMag appears to be an integral resource for homeowners, guiding their home improvement decisions. The survey reveals that 95% of readers engage with the print issues, with 82% reading at least three of the last four issues, and 83% having been readers for over a year. Moreover, 44% of readers discuss content from TheHomeMag with others, demonstrating its influence and reach.

Impact of Advertising
Advertising plays a crucial role in informing homeowners about products and services. The survey found that 93% of respondents believe advertising helps keep them up to date with necessary products and services. Additionally, 85% of homeowners make purchases based on quality, not price, and 79% prefer to buy from companies that engage with their community. This high level of engagement underscores the effectiveness of TheHomeMag’s advertising in reaching its target audience.

Future Remodeling PlansLooking to the future, 45% of homeowners are very or somewhat likely to remodel their homes within the next 12 months. This indicates a sustained interest in home improvement projects, driven by the desire to enhance living conditions and increase property value. Specific areas of focus include kitchen and bathroom remodels, with significant percentages of homeowners planning these upgrades.

With innovations on a myriad of new platforms arriving daily, the survey offers valuable insights into the future renovation plans of homeowners. As residential evaluation reaches new heights, TheHomeMag, along with its Marketplace tools, looks to lead the way in providing homeowners with the resources they need to successfully complete their home projects. As Tom Bohn aptly puts it, “It’s definitely a trend we see sticking for the foreseeable future.”