DENVER, Colo. – Homeowners spent an average of $15,680 on home improvement, home maintenance and emergency repairs this year and took on an average of 14.4 home projects.
That’s according to Angi’s 2021 State of Home Spending Report: The Great Shift – How the Pandemic Put Homes in Focus, which takes a look at trends in home spending including drivers, obstacles, top projects and forecasts for the year ahead.
Some key findings:
- Half of all homeowners (49%) experienced unexpected home equity gains.
- Home improvement spending rose 25% to $10,341 across 3.7 projects per household.
- Home emergency spending rose 42% to $2,231 across 2.2 projects per household.
- The top two reasons for uncompleted projects were items being too expensive (22%) and COVID-19 disruptions (26%).
- 2021’s top projects led off with interior painting (32%), bathroom remodels (28%) and, a newcomer to the list, installing smart home devices (27%).
“Not only did homeowners spend more on their homes, but they also completed more projects,” said Mischa Fisher, Angi chief economist. “The growth in home spending we witnessed last year continued at a dizzying pace as people have continued spending more time in their homes.”
The study also revealed that 25% of homeowners spend 50% more time at home than they did pre-pandemic, and 14% doubled the amount of time they spend at home.
“The top home projects all dramatically change the look or use of one’s home, mostly without being prohibitively expensive,” added Fisher. “Pre-pandemic, people were motivated to work on their homes for a return on investment or other financial incentives. Now, they’re prioritizing projects that help their homes better suit their new normal.”
The report also asked homeowners what home projects they would do if they received $10,000. While the overall top project was a living room upgrade, selected by 17% of homeowners, the different priorities of men and women were clear. Male homeowners prioritized living room upgrades (18%), outdoor space upgrades (17%) and bedroom upgrades (15%), while women were more interested in kitchen remodels (21%), bathroom upgrades (17%) and outdoor space upgrades (16%).
“If your family came into unexpected home equity over the past year and are looking for a way to reinvest that in your home, be sure to talk about priorities and preferences before committing to a project,” saidFisher. “The project men and women both had in their top three was an outdoor space upgrade, so an outdoor kitchen with nice living features could be a great place to start.”
The share of households shifting commuting budgets into their homes increased from 33% last year to 40% this year. And, the survey showed that people who moved during the pandemic are 20% more likely to be in what they consider their “forever home” but they are just as likely to feel their home still needs remodeling.
The State of Home Spending is based on Angi analysis of surveys fielded to 6,400 consumers between Oct. 4 -7, 2021.