Despite Inflation and Recession Fears, U.S. Homeowners Continued to Invest in Their Homes in 2022
This annual report focuses on trends in home spending including drivers, obstacles, top projects and forecasts for the years ahead.
From this year’s report, analysis and data show that 2022 marks a return to more normal home spending patterns representing an increase in spending and projects from 2019 and 2020 and a decrease in home services spending and projects from 2021. There was unusually high demand in 2021, and now this year's report shows how 2021 home services spending and projects was likely an outlier.
“This year, home spending was higher than pre-pandemic years with homeowners across the country continuing to heavily invest in their homes and take on home improvement, maintenance and emergency work,” said
Highlights from this years’ report include:
- Across all three categories of home spending—improvement, maintenance, and emergencies— total average spending in 2022 was
$12,904across an average of 12.5 projects. Total home services spending was relatively flat compared to 2020 and increased 42% since our 2019 State of Home Spending report.
- Home improvement spending was
$8,484in 2022. Homeowners who invested in home improvement did an average of 3.2 projects, which was nearly flat compared to the previous years’ number of projects.
- Home maintenance spending in 2022 was
$2,467. The average number of completed maintenance projects was 7.5. Homeowners completed an average of 3 landscaping jobs, 2.2 cleaning jobs, and 2.3 other maintenance projects.
- Home emergency spending was
$1,953across 1.8 projects per household.
- The top three most popular projects of 2022 were regular maintenance (38%) (such as lawn mowing, gutter cleaning), interior painting (34%), and bathroom remodels (29%). While bathroom remodels and interior painting were in the top three projects for the last two years, this is the first time we asked specifically about maintenance and were not surprised to see it as the most popular project.
- Representing one of the biggest shifts since the start of the pandemic, the top reason for completing a home improvement project was to make the home better suit lifestyle needs, which was the primary reason among over a third (34%) of all households. The second most common reason was to get personal enjoyment out of an outdated home, with over a quarter of homeowners doing work for this reason (27%). Prior to the start of the pandemic, return on investment or other financial reasons were consistently the top motivator for improvement spending.
- Homeowners value their homes now more than before the start of the COVID-19 pandemic (86% said Yes, 14% said No).
To read the report and learn more about home improvement trends in 2022, click here or download the report here.
Source: Angi Inc.