More than 2 in 5 Americans renovated their home in the last year, and most did so as a deliberate alternative to moving, according to a new Redfin survey.
Roughly 65 percent of homeowners who renovated in the past year said they chose to upgrade their current home instead of relocating. Among those planning renovations in the next year, that share rises to 71 percent.
High mortgage rates and elevated home prices are keeping many homeowners in place, a phenomenon known as the “lock-in effect.” About 80 percent of homeowners with a mortgage hold an interest rate below current market levels, according to a separate Redfin analysis, making a move financially unappealing for a large share of owners.
Younger homeowners lead the shift
Younger homeowners are driving the trend. Gen Z and millennial homeowners were more likely than older generations to renovate instead of move, with 77 percent of each group saying they made improvements rather than relocating in the past year. Homeowners with children at home were also more likely to choose renovations over a move.
“Many Americans are choosing to stay put and make the home they already have work for them,” said Chen Zhao, Redfin’s head of economics research. “Younger homeowners are especially likely to renovate instead of jumping to a different house; they’re earlier in their homeownership journey and more willing to invest in improvements to build equity.”
Chen Zhao
Paint, bathrooms and kitchens top the list
Most renovators kept spending modest. About 23 percent spent between $10,000 and $20,000 on improvements, while 21 percent spent between $1,000 and $5,000 and 20 percent between $5,000 and $10,000.
Fresh paint was the most common upgrade, cited by 47 percent of recent renovators. Bathroom improvements (43 percent) and kitchen renovations (40 percent) followed. About 15 percent added features to improve resilience against natural disasters such as flooding, wind, fire or heat.
What it means for agents
The renovation trend reflects a broader inventory constraint that agents are already navigating. With a large share of homeowners locked into low mortgage rates and choosing to upgrade rather than list, the pool of available sellers remains compressed. Agents working with buyers may continue to face limited move-in ready inventory, particularly for larger family homes, according to Redfin’s research.
For agents working the listing side, the data points to an opportunity: Homeowners investing in upgrades are building equity and, in some cases, preparing their homes for an eventual sale. Redfin Premier agent Jo Chavez noted that updated homes tend to sell faster and for more money than fixer-uppers, suggesting agents could position renovation conversations as part of a longer-term listing strategy with current homeowner clients.
The survey was commissioned by Redfin and fielded by Ipsos in November 2025 to 4,000 U.S. residents, with a credibility interval of plus or minus 1.9 percentage points.
