It’s that time of year again, when we take a moment to detail the Portland, Oregon remodeling market. We frequently review the remodeling statistics and provide the relevant data for Portland area homeowners, but also offer our insight into the information on home renovations that would be helpful to our customers and readers.
The most recent data on home remodeling in Portland and around the country offers some surprises, as well as some things that you might expect. In the graphic below, we outline the most recently available home remodeling statics, which is broken out by 2015 and 2017 comparison, along with the type of home improvement spending being done nationally.
The graphic above shows the national numbers related to home improvement and remodel projects over the most recent available two year period. The important home renovation trends shown in the data are as follows.
- Kitchen remodels have increased 2 percent nationally to $26 billion.
- Bathroom remodels have become less popular as a percentage of money spent, down 8% and now only $18 billion annually.
- Room additions or add-ons have increased 4 percent at $17 billion, showing many homeowners are opting to remain in their current homes longer and increasing square footage to address needs.
Additional National Home Renovation Data Insights:
- The residential remodeling market—spending on improvements and maintenance to the owner and rental
stock—reached a new high of $424 billion in 2017 growing over 50 percent since 2010.
- In metro areas where home appreciation has been strong over the past decade—(like Boston, Dallas, San Antonio, San Jose, San Francisco, and Portland) homeowners spent substantially more on home improvements
- Older owners dominate the remodeling market. Ages 55 and older account for half of all homeowner improvement spending in 2017.
- Homeowners spent $68 billion (about 30% of total owner market expenditures), on
improvements to things like roofing, siding, windows, doors, HVAC systems, and insulation with potential to generate energy savings.
- Younger homeowners (3 million – about 30% lower than the housing boom in 2007), average per owner improvement spending rebounded to $2,900 in 2017.
Unlike our last article about Portland remodel statistics back in 2015, kitchens and bathrooms have slowed as being the main driver of renovation expenditures. Currently, the national trend is room additions and that’s significant.
Portland Remodeling Statistics 2019 – Cost vs Value
In the most recent report put out by Hanley Wood Media, Inc and their Remodeling resource website, there is a considerable amount of data for 2019 that details Portland remodeling statistics, their average costs, the value that they deliver and amount you can expect to recoup. Again we are going to highlight some of the most popular Portland renovation types and provide deep details on these projects that should help you establish budgets and expectations for your next home improvement project.
Average Portland Area Kitchen Remodel Cost:
The 2019 average major kitchen remodel cost in the Portland area is now around $67,000, which is up nearly $10,000 over the last report two years ago. A major Portland kitchen remodel job consists of a complete gut job, down to bare studs. On the other hand, the average minor Portland kitchen remodel cost is now around $23,000, up nearly $4,000 per project, while the minor Portland area kitchen remodel is comprised of far less than a total “gut job” and focuses more on less expensive and intrusive cosmetic kitchen improvements.
When comparing the 2019 Portland kitchen remodel costs to the expected home value addition, as well as the recouping of improvement costs of a Portland kitchen remodel, here is what the 2019 statistics show.
Portland Mid-range Major Kitchen Remodel Costs:
2015: Cost $58,124 – Home Value Increase $44,268 – Cost Recoup 76.2%
2019: Cost $67,288 – Home Value Increase $40,808 – Cost Recoup 60.6%
It is very important to note that though the costs for major kitchen remodels in the Portland area have risen sharply, the addition to resale value and recouping of those costs have declined dramatically. Portland homeowners who are doing substantial kitchen renovations should consider the time they intend on remaining in their homes and whether the increased expenses for a Portland kitchen renovation makes sense, given the 2019 statistics.
Portland Mid-range Minor Kitchen Remodel Costs:
2015: Cost $19,672 – Home Value Increase $18,567 – Cost Recoup 94.4%
2019: Cost $22,958 – Home Value Increase $20,290 – Cost Recoup 88.4%
In a direct contrast to a major Portland area kitchen remodel, the more cosmetic kitchen renovation in Portland appears to result in a better cost recoup and increase in home value. Though the cost of a minor kitchen renovation in Portland increased, it comes with an improvement in home appreciation and a smaller hit to cost recoup in the 2019 data.
The above kitchen remodel statistics represent costs for the Portland Oregon area only. For comparison, below are the 2019 national kitchen remodel statistics for the same kitchen remodel types:
National Mid-range Major Kitchen Remodel Costs:
2015: Cost $56,768 – Home Value Increase $38,485 – Cost Recoup 67.8%
2019: Cost $66,196 – Home Value Increase $41,133 – Cost Recoup 62.1%
Though Portland kitchen remodel costs and home appreciation results are trending on track with the rest of the country, Portland cost recoup of 88.4% far exceeds the national averages.
National Mid-range Minor Kitchen Remodel Costs:
2015: Cost $19,226 – Home Value Increase $15,255 – Cost Recoup 79.3%
2019: Cost $22,507 – Home Value Increase $18,123 – Cost Recoup 80.5%
Again, Portland homeowners are fairly similarly to the rest of the country on the average minor kitchen remodel costs, home value increase and recouping of cost percentages, with little change to the 2019 numbers compared to the 2015 data.
Average Portland Area Bathroom Remodel Cost:
The average bathroom remodel cost in the Portland area is around $21,052, up nearly $4,000 in 2019. The average bathroom renovation covers an average 5×7 foot bathroom, with updates such as bathroom tub/shower and toilet fixtures, ceramic tile surrounds, new faucets, cabinets, solid-surface counter and new hardwood or tile flooring, etc.
When comparing the average Portland bathroom remodel costs to the expected home value increase and subsequent recoup of the costs of a Portland bathroom remodel, here is what the Portland 2019 statistics show.
Portland Mid-range Average Bathroom Remodel Costs:
2015: Cost $17,360 – Home Value Increase $12,798 – Cost Recoup 73.7%
2019: Cost $21,052 – Home Value Increase $15,427 – Cost Recoup 73.3%
The 2019 Portland bathroom remodel statistics show some consistency for the Portland Oregon market since 2015. Though costs have risen, so have the home value results, while the recoup percentage has remained nearly identical to the 2015 numbers. There is still good value in a comprehensive bathroom reno in the Portland market and updating your bathrooms should remain on your list as something to consider.
Here are the national bathroom remodel statistics for the same bathroom remodel type:
National Mid-range Average Bathroom Remodel Costs:
2015: Cost $16,724 – Home Value Increase $11,707 – Cost Recoup 70.0%
2019: Cost $20,420 – Home Value Increase $13,717 – Cost Recoup 67.2%
As you can see, 2019 bathroom remodel costs in Portland are still similar with the national bathroom remodel cost estimates. Portland also fares better to the national bathroom remodel home value increases and recouped costs. Bathroom remodels are a popular trend in Portland area and for good reason.
2019 Portland Renovation Statistics By Project
Finally, we want to leave you with the full comprehensive list of remodel project costs for the Portland metro area. The most current 2019 numbers for Portland remodel costs will help you to be most informed and educated on your renovation budgets, as well as cost vs value decisions.
Within the home improvement cost data for Portland, you will find comprehensive information for renovations to bathrooms, kitchen, master suite, interior and exterior remodel costs, the added value that those projects expect to deliver and percentage of the cost of the renovation type will deliver.
If you have any questions about how new wood flooring, tile, countertops and carpet decisions weigh into these numbers, we are happy to help.