Everything You Need to Know About Home Decor Spending And Budgeting

Influencers have brought so much more than blogs to us via their different channels like Pinterest, Instagram, YouTube, and their own websites. Especially interior design, DIY renovation, and home decor influencers. Their accounts make it feel like we’re headed over to their house for a little bit of time, fostering a different kind of connection. We used to compete with our neighbors for the nicest yard, cleanest pool, best curbside appeal, and most homey space. Now we’re inspired to update our space based on what our favorite bloggers and influencers are doing.

Americans are spending a lot of uninterrupted time at home. It’s easy to see why the itch to spruce up your space has become almost viral! But decorating your home, redesigning your aesthetic or space can be expensive. Especially if you decide to do something like a renovation of your kitchen, bathroom, or bedroom.

Scrolling Instagram might be the cause of the itch to redecorate. Apps like LikeToKnowIt even help people find the exact products an influencer uses in their home. One thing is for sure - the generic Keeping Up With the Joneses competition has simply become predominantly digital, instead of just with your next door neighbor. However, this isn’t a comprehensive statement because there are so many different factors across the country that go into interior decorating. Certain styles are more popular in different regions, whereas some other parts of the country prefer working on the outside of their home.

Depending on where you live, you might not be as willing to spend certain amounts of money on your decor. People who are passionate about home decor and renovations are also likely to spend more money than others.

With that being said, this study shows how much each state is willing to spend on their home decor and interior design. What’s interesting about the study is that it points out the national average of home decor and renovation spending before comparing the different amounts locals of each state are willing to spend.

Who spends the most money on interior decor?

Residents of Indiana, Iowa, and Colorado spend the most money on home decor and renovations. In Indiana, they’re likely to spend 25% more than the national average which is between $500 and $1000 annually. What’s surprising about this is that the estimated cost of a mid-to-low end renovation or redecoration of a living room in particular costs upwards of $14,000, according to this budget breakdown.

If you live in an area where the real estate market is booming, you might be likely to spend more money on renovations and decor. For instance, Indiana’s housing market is on the rise, which can account for some of the additional spending over the national average. In addition, other midwestern states have seen a rise in housing demand, leading to more spending in those states as well.

What room is the least expensive to decorate?

The budget breakdown by designer Kelly Kuo shows that the least expensive room to redecorate, totally, is the bedroom. The total sum she suggests saving up for to redecorate a bedroom is $10,700. That’s still incredibly high and expensive, especially when you’re looking at how much the average American spends on their home each year.

How do you plan a decorating budget?

Regardless of whether you’re trying to shiplap a room to make it look like the Magnolia home of Chip and Joanna Gaines or you’re simply sprucing up a spare bedroom, you’ll need to make a fairly detailed plan on how to proceed. HGTV suggests 10 steps to maximizing your budget, focusing on what matters the most to you in your project.

If you’re unsure of how to pick what’s most important to you in your redesign project or renovation effort, these interior designers reveal the things you should splurge, skimp, and save on.