The U.S. renovation market is on the rebound, according to a recent Houzz survey that found significantly more homeowners moving forward with renovation projects compared with this time last year. Fifty-three percent of homeowners believe now is a good time to remodel, and the number of homeowners who will delay their projects because of the economy has dropped to 45% from 52% last year.

Another piece of good news for the renovation market is that only 11% of respondents reported they would need to take out a line of credit to pay for their remodel. A majority of homeowners (62%) also said they’d be willing to cut back in other areas, such as vacations and other big-ticket purchases, rather than delay or decrease budgets for their home plans.

Where are remodeling dollars going? Bathrooms and kitchens top America’s renovation project list again this year, with 28% of respondents planning a bathroom remodel or addition and 23% planning a kitchen remodel or addition in the next two years. Kitchens commanded the lion’s share of renovation dollars, with nearly four in 10 home improvement dollars going into remodeling these rooms. Future spending is likely to follow the trend. Read More