Americans spent an average of $13,667 on home improvement, home maintenance and emergency repairs this year, a 6% increase compared to 2022, across an average of roughly 11 projects.
According to the 2023 State of Home Spending report published by Angi (NASDAQ:ANGI), 40% of homeowners said they took on more home improvement work this year due to rising interest rates that made moving or finding a new home a less feasible option. Looking forward, 30% of homeowners plan to take on more home projects in 2024 versus moving.
For the first year since 2020, Covid was not among the most common reasons for projects not being completed, down 55% year-over-year. This year, homeowners who went over time or budget with projects cited design choices as the core reason, not material prices or shortages.
“While many speculated that spending would shift away from the home this year as the pandemic era restrictions were rolled back, that is not what we see, homeowners love their homes and continue to invest in them,” said Angie Hicks, chief customer officer at Angi. “Pandemic era home services spending continues post pandemic as the role our homes play in our daily lives changed. This year, the spending trend continued and we learned more about why people are investing in home improvement, maintenance and repair work.”
Photo courtesy Columbia Pictures
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