Americans are re-investing in their American Dreams.
That’s the terrific headline of HomeAdvisor’s 2018 State of Home Spending report.
“2018 was a robust year for consumer spending on home services, with average total spending of $9,081,” HomeAdvisor reported in its key finding of the survey.
Other notable numbers in HA’s 2018 State of Home Spending report:
- Consumer spending on home improvements has risen a sharp 17 percent in the last 12 months.
- Homeowners are spending more on home improvement projects than home maintenance projects. For every $1 spent on maintenance, homeowners are spending an average of $5 on home improvements.
- Over the past year, room remodels have been the most popular home improvement project, with bathrooms topping the list for the second straight year.
- Homeowners list replacing or repairing damage, defects and decay as the top reason for spending on home improvement projects.
- While homeowners are spending more on home improvement than home maintenance, they report completing an average of 6.7 home maintenance projects over the last 12 months, compared to 2.2 home improvement projects.
- One in three homeowners report having to complete an emergency home project (which carries a manageable $416 price tag on average). Homeowners living in areas prone to extreme weather events report the highest spending at an average of $1,206.
- Older homes don’t necessarily require higher emergency spending. In fact, homeowners report spending $3.70 less for every year since a home was built, meaning the owner of a 100-year-old home could spend on average $370 less on emergency home projects per year than the owner of a brand new home.
In conclusion, HA’s State of Home Spending Report states that American homeowners are investing strong and smart in their American Dream.
“Our homes are typically our largest purchases, our most valuable assets and our largest source of savings” HA writes. “At the same time, homes are deeply intimate places in a non-economic sense.
“They’re where we spend most of our time – where we grow our families, raise kids, age, retire, study and recreate.”