Nearly Two in Three Homeowners Accrued Home Renovation Debt This Year, Survey Reveals [Video]

High home prices and mortgage rates keep many American homeowners from moving to a new home. More than 6 in 10 say they’d prefer to remodel their current home rather than move to a new one, according to a new survey of 1,000 homeowners from Clever Real Estate.

They’re not letting financial constraints stop them from customizing their living space. Around 40% of homeowners plan to spend $10,000 or more on renovations in 2025. However, nearly 80% of homeowners went over budget on their last renovation, and two-thirds went into debt to fund home improvement projects.

That leaves 74% of homeowners with renovation regrets; nearly half say they liked their house more before remodeling.

Renovations Getting Pricier

About 45% of homeowners spent $5,000 or more on renovations this year, while 36% spent $10,000 or more. Nearly half (44%) expect to spend more on home renovations this year than last year.

More than three-quarters of homeowners said their last project exceeded their planned budget. Nearly …