Delta Faucet Homeowner Index Shows Spike in Remodel Budgets
Survey respondents willing to spend 24% more on makeovers since spring, with tech focus
Today, Delta Faucet revealed its annual Homeowner Index results, which found homeowners are willing to pay an average of $17,172 for a kitchen remodel, up from $13,859 last spring. As Americans dig deeper into their wallets, the index indicated shifts in material preferences and technology integrations.
“The Delta brand continues to explore the endless frontier of kitchen and bath solutions, and consumers are at the heart of every innovation,” said Susan Fisher, vice president for marketing, Delta. “According to the survey, homeowners strive to implement modern design that combines style, functionality and technology – which aligns well with current innovations such as the Voice Activated Faucet Technology.”
In fact, a majority of homeowners (68%) agree it is important to incorporate “smart” products, such as Bluetooth systems and voice-activated devices, when making home design decisions.
Other notable key findings the Index revealed include:
- Solid Choices. Incorporating different textures in the home is key. Among those textures homeowners find appealing, tile, marble and granite lead (71%) over wood (57%), glass (34%) and soft materials (31%).
- Little Hands. When it comes to fingerprints in the kitchen, some faucet finishes hide smudges and spots better than others. Interestingly, parents (24%) are more likely to choose Matte Black finishes than non-parents (15%). Matte Black is also most popular among Millennials compared to Gen Xers and Boomers.
- Smart Design. Homeowners (39%) believe smart home products will be the most prevalent in home design in the next 10 years, over sustainable materials (24%) and products that are customized (19%).
- Return on Investment. The satisfaction of a customized home is a big benefit of remodeling, but it can also provide financial incentive. Aside from cost, nearly a third (32%) of homeowners consider the resale value that a remodel will add to be the most important factor to consider during a remodel, increasing from 24 percent in 2017
While homeowner budgets seem to be on the rise, the end goal for remodeling can vary based on length of ownership. Homeowners who have owned their home for less than five years (36%) focus more on the resale value of the remodel compared to those who have owned for five years or more (30%).
For additional information on Delta product solutions, visit: deltafaucet.com.