Renovations are essential for every home. Experts suggest improving or renovating your home every five to ten years. This ensures your home meets current standards while enhancing its overall value. However, the main question in every homeowner’s mind is whether will home renovation costs go down in 2024.

Home Renovation Costs in 2024

Experts have found that the average cost of home renovations can be around $18,000 to $48,000. This cost can drastically increase due to different reasons, such as design and the size of the home. But can recent trends affect renovation costs this year? Here’s a closer look into each trend and how they might be able to reduce your renovation cost this year.

Affordable Materials

The first thing you have to consider is the rise of affordable materials. Different kinds of materials are now available to the public, and these materials can reduce people’s home renovation costs. Here are some affordable materials that are being used today and for renovations.

Reclaimed Wood

Wood is a precious resource; believe it or not, some of our wood can be found in dumpsites and even the ocean. Reclaimed wood is pretty much recycled wood from previous projects or huge trees that might have fallen into the ocean and reached the shore.

Reclaimed wood is known for its resilience. It can be far more resilient than hardwood when picked and handled correctly. It’s also far more affordable than modern options like hardwood. The best part is that reclaimed wood can bring a rustic look into a home that even hardwood can’t do. It’s one of the best options for affordable materials and one you should consider.


Vinyl costs have dropped significantly because factories have learned to make them more efficient. It has become one of the most common renovation materials, and people should start integrating it into every home renovation. Vinyl can make every home stand out because you have a variety of color selections. It’s one of the most flexible materials in the market and can stand the test of time.


Lastly, we can’t discuss affordable materials without discussing the experimental construction material mycelium. Although it’s not used in the majority of renovation projects just yet, experts mycelium will dominate the market once it’s been released to the general public.

Mycelium is an interconnected system of fungi that can be as resilient as cement when used correctly. It has been praised for its resilience, but it can be hard to shape, making it harder to design. However, once that hurdle has been overcome, mycelium can be a far more common option for renovations and construction because of its affordability and sustainability.

So, will home renovation costs go down in 2024 due to affordable materials? That’s a resounding yes. If there is a reason for home renovation costs to go down this year, that would be because of the affordable materials listed above. The cheaper materials enter the renovation market, the more likely renovation companies will drop their prices.

Cheaper Labor

Labor has been one of the reasons why construction projects have been cheaper the past few years, but this might not be for reasons you have in mind. One of the reasons why labor has been cheaper to a certain degree during the past few years is because of the rise of automation. Automation has been in the construction field, and it has been part of building skyrise structures and even logistics. But will home renovation costs go down in 2024 because of this?

The answer is a mix of yes and no. Automation has not yet been fully integrated into renovation because they tend to be smaller projects. For example, driveway caulking is a standard job in home renovation, and using automation can cost the contractor much more than the person doing it. Additionally, specific fields, such as roof repairs, require a decent amount of expertise that no automation can do. This means that specific renovation projects can’t be replaced by cheaper automation labor. It’s possible that in the future, automation can decrease the overall costs of renovation, but as of the moment, it’s quite unlikely that would happen.

Rising Experience in The Job Market

Experience is a crucial factor that can make a difference in renovation jobs, such as plumbing. Experience can be a huge factor in reducing overall renovation costs as more contractors become experienced over time. For example, experienced plumbers are more likely to get hired than newer ones, and as more and more plumbers enter the market, the more experience they can get over time. The higher the pool of experienced laborers in the market, the more likely they are to decrease their prices to stay competitive. But will home renovation costs go down in 2024 due to the rising experiences of people in the market?

Much like cheaper labor, the answer is a mix of yes and no. It’s true that if there are more competitive laborers in the market, the more likely their prices will drop over time. However, it’s important to note that wages have been skyrocketing for contractors over the past few years. This is because skilled labor is still hard to find. So, it might take some time before renovation costs decrease due to the rising experience in the market. It’s likely that labor will be a contributing factor into why renovation costs will be expensive this year, but it’s likely that it will gradually decrease over time due to more pool of skilled workers in the market.

The Price of Water

Water is an essential but finite resource for humans. It’s finite unless we find a way to reuse it time and time again. This is the main reason why the price of water is rising. Water is also an important resource for home renovation projects such as house washing. Here’s a deeper look into why the price of water is rising today.

Finite Resource

The most apparent reason water prices are rising is that the world runs out of water daily. Americans use millions of gallons of water annually, stressing the water supply. That’s not to mention the continuous drought in various states. This can be problematic not just for the construction industry but for other sectors as well.


Did you know that water is also reliant on oil? Transportation is one of the leading reasons why water prices are rising today, and as oil prices continue to rise, the more likely water prices are to increase as well. It’s a problematic cycle, and unless the industry starts to adopt more sustainable options like EVs, water prices will continue to drive the prices of home renovations this year.


Lastly, it’s important to talk about water waste. The amount needed to deal with water waste (a.k.a sewage) is also drastically increasing due to the abovementioned reasons. Water treatment plants are being pushed to the limit because of the increasing need for water, and it’s only a matter of time before more plants are built to deal with the stress. However, as more water treatment plants are built, the price of renovation projects will be more likely to be affected today.

So, will home renovation costs go down in 2024 due to water prices? As you might’ve gathered, it’s a resounding no. Unless the industry finds a way to deal with these problems, renovation costs will continue to increase. It’s important to find more sustainable options for this resource. Still, various industries have not found a way this year, so the water prices today will likely continue to drive up renovation prices in the coming years.

The Cost of Furniture

Furniture plays a huge role in home renovations and remodeling. It’s essential in making interior renovations stand out from normal ones. But will home renovation costs go down in 2024 due to the furniture cost this year? Well, it’s once again a mixed bag.

Currently, there are two main problems with home furniture. First, it’s reliant on finite resources to build. Materials such as wood are a very finite resource, and because of that, the overall prices of the material are skyrocketing. But, as stated earlier, sustainable alternatives such as reclaimed wood can be a good source of wood, reducing the cost of manufactured wood in furniture. Sustainable companies are also starting to use these alternatives to improve their products.

The second main problem is manufacturing the furniture themselves. There are still rising costs in manufacturing, especially in every industry. These costs can affect the furniture price and can drive up over time. Thankfully, more and more manufacturers are adopting 3D printers for making furniture. 3D printers are far more affordable because they can build furniture parts faster, and workers only need to assemble them. Some manufacturers bypass the assembly and ship the furniture directly to customers. With this in mind, it’s possible that DIY home remodeling can become a lot cheaper as customers can build the furniture themselves and place it wherever in their home.

More Variety

There is more variety in home renovation than ever. Variety means competition, and competition means lower prices. Take, for example, flooring. Flooring has been dominated by hardwood the past few years, but hardwood this year has taken a step back because of the rise of cheaper but more luxurious options such as marble. This is all connected to how these products are manufactured. As stated, manufacturing companies have adopted new manufacturing principles such as 3D printing. Although 3D printing isn’t dominating the market right now, it can drastically reduce the time needed to cut or design tiles.

So will home renovation costs go down in 2024 due to flooring? The answer is yes. The more competitors offering various products in the market are healthy, and choosing alternatives to the more expensive options can drastically reduce the costs of your next renovation. So, ensure you strategize your renovation project well and use varied materials to reduce overall costs.

Room By Room Renovations

Room-by-room renovations are the leading reasons for reducing renovation costs this year. But this is primarily from the consumers’ side. Good planning and strategies can reduce the cost of room-by-room renovations. For example, you want to do bathroom renovation simultaneously, especially if you have multiple bathrooms. This can drastically reduce the cost of logistics and labor because it’s repeated tasks in a shorter amount of time. Next, after you’ve gathered the funds for your bedrooms, you should do that. Don’t renovate the entire home, instead plan out room-by-room renovations. This can help reduce the cost of your renovation. Lastly, don’t wait until these rooms are run-down; maintain them by doing small renovations annually to ensure you don’t get bogged down by one big renovation project.

The Cost of Asphalt

Asphalt is an essential material in the world of renovation. Asphalt paving is a common renovation project, and the cost of asphalt isn’t decreasing due to its being a finite resource and the rising cost to produce it. Moreover, it’s important to note that asphalt isn’t a very sustainable material. As the government starts to post more sanctions for less sustainable materials in construction, asphalt costs will continue to rise. So, will home renovation costs go down in 2024 due to the cost of asphalt? It’s easy to say no because asphalt is becoming a more expensive material in construction today.


Insulation is another renovation project done in every home every five years. Thankfully, affordable alternatives are driving insulation prices down this year. Insulation options such as fiberglass and spray foam are becoming more common today, and the best part is that they are affordable. Window tinting is also a cheaper choice for those with too many windows in their home driving in heat. So, will home renovation costs go down in 2024 due to insulation? Yes, as more alternatives present themselves in this market, the more likely it is that they can affect the cost of renovations this year in a positive way.

General Labor

Lastly, it’s important to talk about general labor. General labor, such as for a painting service, is rising today because more and more construction workers demand higher wages. This can drastically affect the home renovation costs this year. So, will home renovation costs decrease in 2024 due to the cost of general labor? No, even if general labor has more and more contractors working in it, the demand for higher wages will only increase the prices of this labor, so it’s important for homeowners to prepare for them.

It’s important to know the answer: will home renovation costs go down in 2024? The general answer to that will always be a mixed bag. Sure, certain factors, such as affordable materials, can decrease the overall costs of home renovations. However, there are also other factors, such as rising wages, that can increase the cost of renovation. So, as a homeowner, ensure you strategize your projects and choose the right materials. This way, you can reduce your costs and enjoy the fruits of your renovation in no time.