As homeowners begin to believe joy is the new return on investment (ROI), homes are becoming personalized experiences and not just assets.
According to a new report from Thumbtack, 76% of homeowners are designing their homes for themselves and not future buyers—with extra emphasis on joy.
The often discussed ‘lock-in effect’ has left many homeowners staying put and unwilling to give up their low mortgage rates. Of the 1,000 homeowners surveyed, roughly one-third (32%) plan to stay in their home for the long haul and 25% said that they want to simply enjoy their space.
The majority (84%) of homeowners are prioritizing projects that bring happiness over dollars, including 68% of those planning to sell.
Other key takeaways from the report include:
- A quarter of homeowners are prioritizing joy because they spend so much time at home.
- This year, 31% plan to spend over $10,000 on joy-first projects.
- Forty-three percent of millennials are willing to lose money on a renovation if it makes them happier.
- The top “joy-first” projects include pools, hobby rooms, built-in bookcases, and home gyms.
- Since 2020, hot tub installations are up 135%.
Builders can take note of the 10 most popular projects homeowners are considering, according to Thumbtack:
- Interior painting
- Replacing windows
- Installing new floors
- Updating lighting fixtures
- Walk-in closets
- Sunrooms
- Dedicated hobby space
- In-ground swimming pool or hot tub
- Built-in bookcases
- At home gyms
Over the past five years, requests for walk-in closet installations have climbed over 125%, while built-in bookcase projects are up 89%. Over the past three years, sunrooms are up 79%.
