NJ spends the most on home renovations

Buying a home in New Jersey is expensive and owning one can be just as expensive; ok, that’s an overstatement, but housing upkeep can suck all sorts of money out of your wallet. According to a new study by AgentAdvice.com, New Jersey spends more on renovating your home than any other state.

The study examines Census data on how much the average household spends on renovations every year as well as social media data on which room of the house is most commonly made over.

"Home renovations have gained massive popularity since the global pandemic, as homeowners wish to enhance their living space and potentially add value to their home," said, Chris Heller, chief real estate officer at OJO Labs and real estate expert with AgentAdvice.com.

How much does New Jersey spend on renovations? According to the study, the average is $4,634.24 per year. That sounds manageable until you see what kitchen and bathroom renovations (the two most popular) cost.

According to the Bergen Record, the average kitchen remodel can range from $27,966 for a minor update to $164,263 for a major renovation. For bathrooms, renovations could cost, on average, anywhere from $25,468 to $78,935.

According to Chris Heller of AgentAdvice.com, “The kitchen is a great place to start any renovation projects as it is the heart of the home and a valuable communal space for those wanting to buy a new home,” Heller said.

“Homeowners who embark on a kitchen renovation could expect to see a 30.7 percent to 85.7 percent return on their investment when selling their home.”

Mississippi spends the least, on average, for home refurbishing at $2,547.57.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.

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