Home Remodeling Industry

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The $500 Billion Home Remodeling Industry

The  residential remodeling market size was estimated at $527.36 billion in the U.S. in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.6% from 2024 through 2030. The demand for aesthetically pleasing and functional home interiors has seen a rise due to homeowner preferences and increased expendable income, and with the rise of remote work, the demand for home comfort and functionality continues to remain high. Since purchasing a new home is out of reach for many Americans due to accelerated prices, low inventory of homes for-sale, and people’s desire to move out of more urban areas, they’re opting to rely on the equity from their current home to remodel instead. Since 2019, total home spending is up 51% with the average homeowner spending $13,667 on home improvement projects last year, according to Angi.

Another gauge of the vitality of the home remodeling industry is the home décor market which reached $749 billion in 2023 and expected to reach $1,087.5 billion by 2032, the booming home décor market provides a good indication that the homeowner’s desire to revitalize their living spaces is not stopping any time soon.

The $84 Billion Kitchen Remodeling Business

Kitchen updates are extremely popular with homeowners. Sometimes the reason for a remodel is to improve functionality, as oftentimes homeowners find that they don't have all the amenities they need, including enough cabinet space. Others may remodel as an investment, as a kitchen can make or break a resale. And some may just want their kitchens to be more enjoyable and pleasant looking for themselves. 

Either way, homeowners continue to spend more and more every year. According to NKBA, the kitchen and bath market reached $173 billion in 2024, with kitchens making up $84 billion of the share, and $36 billion being spent on kitchen remodels alone. This is a tremendous increase from the $11 billion that was spent in 1995.

The Future of the Home Remodeling Industry

More than half of American homes are 20 years old, and 61% of American homeowners would rather renovate, remodel, or redecorate than move.  

Major changes such as kitchen and bath renovations and repairs drive the bulk of home improvement projects. Although some popular home improvements are DIY projects, even more require professional installation services or help. Home improvement services like Kitchen Tune-Up are well positioned to capitalize on the quicker, more convenient home remodeling services homeowners are looking for. 

The home improvement industry shows no signs of slowing down. Owning a home will always mean maintenance will be needed, and in future years, renovating and upgrading will need to be done.

Take Advantage of the Growing Home Remodeling Industry

As home prices continue to climb, and new construction struggles to keep up with demand, many homeowners are choosing to invest in remodeling their homes and the home improvement industry is flourishing. 

Get the freedom of owning your own business, plus the backing and support of one of the most well-known brands in the profitable home improvement industry. Kitchen Tune-Up continuously ranks on Entrepreneur's Franchise 500® list for its outstanding performance. We’re recognized franchise leaders in unit growth, financial strength and stability, and brand power. Learn more about being a Kitchen Tune-Up franchisee by speaking with one of our Franchise Consultants today by clicking on the Inquire Now button at the top of this page.