Posted by Andrea Durway
2024 Remodeling Cost Vs. Value Report
As we dive into the details of Remodeling Magazine’s 2024 Annual Cost vs. Value Report, it’s fascinating to see how different regions across the United States stack up when it comes to the return on investment (ROI) for various home improvement projects. This report is an invaluable resource for homeowners, real estate professionals, and contractors alike, offering insights into which remodeling projects are likely to provide the best financial returns. Let’s take a closer look at how St. Louis compares to other regions in this comprehensive report.
The St. Louis Market: An Overview
St. Louis, with its rich architectural landscape, boasts a real estate market characterized by a blend of affordability and steady growth. The city’s economic conditions, influenced by a diverse mix of industries such as healthcare, education, and manufacturing, contribute to a stable housing market. Additionally, regional preferences for traditional Midwestern home styles, spacious yards, and outdoor living spaces are evident in the types of remodeling projects that yield the highest returns. This unique combination makes St. Louis an attractive area for both homeowners looking to invest in their properties and buyers seeking value and quality. According to the 2024 report, St. Louis homeowners can expect moderate to high returns on certain remodeling projects, with some outperforming national averages.
Key Projects and Their ROI in St. Louis
Midrange Kitchen Remodel
- St. Louis ROI: 78%
- National Average ROI: 71%
- Comparison: St. Louis outperforms the national average, making a midrange kitchen remodel a solid investment in this region. The city’s appreciation for classic and functional kitchen designs contributes to this higher return.
Bathroom Remodel
- St. Louis ROI: 66%
- National Average ROI: 63%
- Comparison: Again, St. Louis exceeds the national average. Bathrooms, being a critical part of daily life, see significant use, and investing in updates tends to pay off well.
Wood Deck Addition
- St. Louis ROI: 70%
- National Average ROI: 66%
- Comparison: With a greater emphasis on outdoor living spaces, St. Louis shows a higher return for wood deck additions. This is reflective of the region’s appreciation for outdoor gatherings and activities. You know we love to grill those pork steaks!
How St. Louis Compares to Other Regions
The West Coast:
- Kitchen Remodel ROI: 85%
- Bathroom Remodel ROI: 74%
- Wood Deck Addition ROI: 76%
The West Coast, particularly areas like San Francisco and Seattle, often sees higher ROI percentages due to the higher property values and greater demand for upgraded home features. St. Louis, while performing well, does not quite reach these peaks, largely due to its lower overall property values.
The Northeast:
- Kitchen Remodel ROI: 69%
- Bathroom Remodel ROI: 60%
- Wood Deck Addition ROI: 64%
In the Northeast, cities like New York and Boston show slightly lower ROIs compared to St. Louis. This could be attributed to the higher labor and material costs, which can outpace the increase in home value after renovations.
The South:
- Kitchen Remodel ROI: 74%
- Bathroom Remodel ROI: 68%
- Wood Deck Addition ROI: 71%
Southern regions, including cities like Atlanta and Dallas, show ROIs comparable to St. Louis. The climate in these areas makes outdoor additions like wood decks particularly appealing, similar to St. Louis.
Trends Influencing ROI
Several trends are influencing the ROI of home improvement projects across the United States:
- Economic Conditions: Regions with stronger economies and higher property values tend to see better returns on remodeling projects.
- Labor and Material Costs: Higher costs can reduce the ROI, making it essential to balance quality with budget.
- Regional Preferences: Cultural and lifestyle preferences significantly impact the desirability of certain home improvements.
Conclusion
St. Louis holds its own in the 2024 Cost vs. Value Report, with several remodeling projects yielding returns above the national average. This indicates a healthy and appreciating real estate market in the region. Homeowners in St. Louis should consider focusing on kitchen and bathroom remodels, as well as outdoor living spaces, to maximize their investment.
For those looking to invest in their homes, we have a very specific understanding of even neighborhood differences and can help guide you to making more informed decisions and ultimately lead to greater financial rewards. Reach out if you would like to discuss you next home project.
