Regardless of Inflation and Recession Fears, U.S. Householders Continued to Spend money on Their Houses in 2022

Regardless of Inflation and Recession Fears, U.S. Householders Continued to Spend money on Their Houses in 2022
Regardless of Inflation and Recession Fears, U.S. Householders Continued to Spend money on Their Houses in 2022

Angi Inc.

Angi’s Annual “State of Residence Spending” Report Reveals Residence Upkeep, Inside Portray and Toilet Remodels had been Prime Initiatives of 2022

DENVER, Dec. 07, 2022 (GLOBE NEWSWIRE) — Angi, a number one and complete answer for the whole lot house, right now launched the 2022 State of Residence Spending report which discovered that U.S. householders continued to spend money on their houses at ranges elevated from prior years. Those that took on house initiatives final yr, spent a mean of $12,904 on house enchancment, house upkeep and emergency repairs this yr throughout a mean of 12.5 initiatives.

This annual report focuses on tendencies in house spending together with drivers, obstacles, prime initiatives and forecasts for the years forward.

From this yr’s report, evaluation and knowledge present that 2022 marks a return to extra regular house spending patterns representing a rise in spending and initiatives from 2019 and 2020 and a lower in house providers spending and initiatives from 2021. There was unusually excessive demand in 2021, and now this yr’s report reveals how 2021 house providers spending and initiatives was doubtless an outlier.

“This yr, house spending was greater than pre-pandemic years with householders throughout the nation persevering with to closely spend money on their houses and tackle house enchancment, upkeep and emergency work,” mentioned Angie Hicks, Chief Buyer Officer, Angi. “The enduring pattern of the pandemic period is all about making your private home personalized to suit your wants. Our houses now have a special worth offering us with greater than a monetary return. This shift within the worth of our houses could have a long-lasting influence on house enchancment shifting ahead.”

Highlights from this years’ report embody:

  1. Throughout all three classes of house spending—enchancment, upkeep, and emergencies— complete common spending in 2022 was $12,904 throughout a mean of 12.5 initiatives. Whole house providers spending was comparatively flat in comparison with 2020 and elevated 42% since our 2019 State of Residence Spending report.

  2. Residence enchancment spending was $8,484 in 2022. Householders who invested in house enchancment did a mean of three.2 initiatives, which was practically flat in comparison with the earlier years’ variety of initiatives.

  3. Residence upkeep spending in 2022 was $2,467. The typical variety of accomplished upkeep initiatives was 7.5. Householders accomplished a mean of three landscaping jobs, 2.2 cleansing jobs, and a couple of.3 different upkeep initiatives.

  4. Residence emergency spending was $1,953 throughout 1.8 initiatives per family.

  5. The highest three hottest initiatives of 2022 had been common upkeep (38%) (equivalent to garden mowing, gutter cleansing), inside portray (34%), and loo remodels (29%). Whereas rest room remodels and inside portray had been within the prime three initiatives for the final two years, that is the primary time we requested particularly about upkeep and weren’t shocked to see it as the most well-liked undertaking.

  6. Representing one of many greatest shifts for the reason that begin of the pandemic, the highest purpose for finishing a house enchancment undertaking was to make the house higher go well with way of life wants, which was the first purpose amongst over a 3rd (34%) of all households. The second commonest purpose was to get private enjoyment out of an outdated house, with over 1 / 4 of householders doing work for that reason (27%). Previous to the beginning of the pandemic, return on funding or different monetary causes had been constantly the highest motivator for enchancment spending.

  7. Householders worth their houses now greater than earlier than the beginning of the COVID-19 pandemic (86% mentioned Sure, 14% mentioned No).

To learn the report and be taught extra about house enchancment tendencies in 2022, click on right here or obtain the report right here.

About Angi
Angi (NASDAQ: ANGI) is your private home for the whole lot house—a complete answer for all your private home wants. From repairs and renovations to merchandise and financing, Angi is reworking each contact level within the buyer journey. With over 25 years of expertise and a community of over 200,000 execs, we now have helped greater than 150 million folks with their house wants. Angi is your companion for each a part of your private home care journey.

Angi Company Communications
Mallory Micetich
(303) 963-8352