Mr. Handyman’s New Industry Study Reveals That The Majority of Americans Are Planning to Spend More on Home Maintenance & Repair in 2023

What You’ll Learn

• How much Americans are expecting to pay for home maintenance in the next few years.
• The level of concern homeowners have about upcoming home maintenance expenses.
• Home repairs that are most likely to be prioritized.
• The effects of the economy on homeowners’ maintenance decisions.

Overview

Owning a home is an end goal for many individuals. It is rewarding to invest in property you can call your own and watch it increase in value over time. Continuing to invest in your home with regular maintenance and upkeep can increase its value and curb appeal. It also creates a safer, more comfortable, and more aesthetically pleasing environment for you to enjoy.

With the current state of our economy and upcoming financial uncertainty, we were curious to see if this would have any effect on the ability or willingness of homeowners to continue with their home maintenance plans. To get an answer to this question, we surveyed over 1,500 current and future homeowners throughout the United States to learn more about their budget for home maintenance, what they will repair first, and their outlook on rising expenses going into 2023. Here’s a look at what we found:

• When looking at the next three years, 69.5% of those surveyed said they plan to spend the same or more on home maintenance expenses.
• Over 60% of those surveyed are concerned with the rising expenses associated with home repairs and upkeep.
• Most respondents have been prioritizing repairs to the exterior of their home.
• Almost 60% of respondents spend over $1,000 a year on home maintenance.
• Nearly 24% of homeowners said they spend over $5,000 a year on maintaining their homes.
• The majority of people say the state of the economy is holding them back from spending more on home repairs and maintenance.

Want to learn more? Keep reading for a more in-depth look at what we found.

Who Is Affected by Home Maintenance Expenses?

The majority of our respondents either currently own a home or plan on purchasing one within the next year. Some also own multi-family buildings, such as apartment complexes, duplexes, and condos. Others are currently in the market for a second home.

Nearly 50%, however, are current homeowners with no immediate plans to move or purchase an additional home.

Our survey also revealed that home maintenance is an important consideration for homeowners across the country, with residents of every region adding their opinion to the study.

Homeowners from Massachusetts to Hawaii are affected by home maintenance and repair expenses.. No matter where you live, home maintenance expenses are probably part of your household budget.

Maintenance Costs Are a Concern

The costs to maintain a home are a concern for over 62% of respondents. The state with the lowest percentage of concerned respondents was Missouri, where only 32% reported worrying about home upkeep costs. Only 41.4% of Nebraska respondents said they were concerned about such costs, as did 50% of Nevada residents. However, the majority of respondents from all other states were worried about the costs of home maintenance, with Maryland (86.7%), California (80%), and Wisconsin (80%) coming in at the highest rates of concern.

Most Performed Home Repair

When it comes to the most popular home repairs, over 30% of the respondents claimed that the exterior of their home takes up the majority of their time, attention, and money. Factors like exposure to the elements, visibility to the outside world, and curb appeal were main reasons why people focused on their home’s exterior. Other popular home repairs included floors (20%), windows (14.6%), and drywall (12.9%).

While it’s logical to assume that exterior home repairs are more prevalent in intense climates where severe weather can impact outside materials, this is not the case. This study reveals that exterior home repairs are common, regardless of the homeowner’s location.

The Majority of Americans Spend Over $1,000 on Home Maintenance

Home maintenance costs can add up quickly. And while most homeowners have built these costs into their yearly budget, They acknowledge they will still pay a pretty penny to keep their homes as comfortable and visually appealing as possible.

In fact, over half of those surveyed, 57.4%, confirmed they have spent over $1,000 per year on home maintenance costs, with as much as 23.8% spending over $5,000 per year.

In addition, almost 2% of those surveyed said they have spent over $50,000 a year on maintaining their home!

Maintenance Expenses Are Expected to Rise

As the cost of labor and materials continue to rise, it’s no surprise that the majority of those surveyed (69.5%) expect to pay the same or more for home maintenance over the next three years, with 19.2% expecting to spend less.

Even as inflation and the cost of living rise, homeowners aren’t willing to skimp on their maintenance costs. This study confirms, the majority of homeowners are willing to spend money on maintenance to keep their home comfortable, safe, and visually appealing.

Role of the Current Economy on Maintenance Costs

The economy has a way of affecting all areas of our lives, and home maintenance budgets are no exception. An overwhelming majority (64%) of respondents said that they are holding back on fixing certain things because of current economic conditions. In fact, there were only four states in which the majority of respondents reported they were not delaying home repairs due to the current economy: Florida, Nevada, North Dakota, and Washington. Alaska was the only state split down the middle, with 50% of respondents reporting they are putting off home repairs for economic reasons. The states with the highest percentage of respondents holding off on home repairs due to the economy were Maryland (a whopping 86.7%), South Dakota (80%), and Wyoming (80%). Interestingly, North Dakota has one of the lowest percentages of respondents hesitating to make home repairs due to economic reasons (43.3%). In contrast, South Dakota, comparable in economic strength and cost of living, has one of the highest percentages (80%) of respondents holding off on repairs due to the economy.

Key Takeaways

Home upkeep is important to residents in every part of the United States. Americans invest a significant amount of money in maintaining their homes, especially when it comes to exterior repairs.

While some are unbothered by the costs, the majority of Americans are concerned about rising home maintenance costs and are holding off on certain repairs for economic reasons. Even though the country’s current economic climate weighs heavily on residents, homeowners aren’t willing to completely forego home maintenance and repairs. The majority of our respondents are expecting to pay as much or more on repairs, showing us that while some expenses may be up for discussion, spending on home repairs is not. Home maintenance and repairs will continue to be a large part of the American family budget moving forward through 2023 and beyond.

Contact Mr. Handyman today to schedule your home maintenance and repair!