Home renovation funding sources in the U.S. 2022, by generation
Cash from savings was the most common source of funding for home renovations among American homeowners in 2022. About 88 percent of millennials used savings to renovate their home, while among seniors this share was 78 percent. Another highly popular option was credit cards. Millennials were most likely to fund their home renovation project with credit card debt, with 35 percent choosing this option.