Modernize Homeowner Insights 2024: Topical Questions and Insights

The 2024 Modernize Homeowner Insights Report uncovered more than just project preferences. It revealed how homeowners are responding to inflation, interest rates, political instability, remote work, and even climate concerns as they weigh decisions about whether—and how—to invest in their homes.

These findings reflect broader home services industry trends, where macroeconomic pressures and cultural shifts are directly impacting demand, budget confidence, and consumer behavior in home remodeling and repair.

Key Findings

Economic Stress Is Widespread

• 57.63% of homeowners say financial difficulty makes major improvements unfeasible
• 61.86% report inflation severely impacting supply and labor costs
• 55.27% say job security or income concerns are influencing their decision to delay or cancel projects
• 50.86% have scaled back due to higher interest rates

Emotional and Logistical Overload

• 52.48% feel very overwhelmed managing a home improvement project
• 48.94% are highly concerned about the environmental impact of their upgrades
• 43.18% say recent natural disasters have impacted their decisions
• 32.66% believe global conflicts or economic instability make this a bad time for large home investments

Shifting Priorities and Values

• 64.63% say energy efficiency is a major consideration in their plans
• 51.41% say increasing their home’s resale value is “very important”
• 44.55% say remote or hybrid work has increased their interest in upgrading their home
• 20.12% are very concerned their renovations may not appeal to future buyers

What These Homeowner Industry Trends Mean for Home Services Professionals

1. Empathy is essential. Financial hardship, fear, and uncertainty are driving many decisions. Contractors must be prepared to listen and support, not just sell.
2. Position services as future-proof. Energy efficiency, resale value, and disaster resilience are high priorities. Emphasize long-term value.
3. Tailor messaging to evolving priorities. For example, remote work is driving space reconfigurations, while climate anxiety is pushing sustainable solutions.
4. Simplify the process. With over half of homeowners feeling overwhelmed, your team’s ability to reduce friction could become your biggest differentiator.
5. These findings reinforce critical home services industry trends: macro forces are now front and center in the homeowner mindset, and contractors who recognize and respond to that context will lead.