Angie’s List Report: 2020 homeowner spending trends
At the beginning of 2020, no one could have predicted the amount of time we would all spend at home.
During this year, many homeowners have invested time and money into this important asset.
Angie Hicks, the co-founder of Angie’s List, shared some insights from an annual survey about homeowner spending.
“In our annual survey of consumer spending on home services, we found that consumers are spending more this year than last year,” Angie said. “This was likely driven by increasing costs of both supplies and labor. We’re also finding that consumers are spending more time at home, and therefore taking on more home maintenance and improvement projects.”
The increase in the cost of home service projects makes sense as both labor costs and supply costs were higher this year.
The additional time spent in our homes meant additional wear and tear on our homes that needed to be addressed.
And people were looking for ways to get more enjoyment from their homes.
“We saw an increase in a variety of home improvements, such as painting and especially outdoor space,” Angie said. “We also found that homeowners were redeploying dollars they would have spent on entertainment and travel and investing in current or future home improvement projects.”
As our homes became our primary place for work, school, exercise, and dining many consumers began adopting new uses for existing home spaces and taking on projects to reflect that.
Not all projects were optional
“We unfortunately also saw an increase in emergency projects this year; they were at 1.2 projects per year,” Angie said. “This was likely due to the extreme weather we’ve experienced because that can lead to problems around the home.”
According to the survey, the top reason for home improvement spending was to make the home a better fit for the homeowner’s lifestyle needs accounting for 41 percent of homeowners surveyed.
“We’re seeing people do more than just fix what’s broken at home, and really making their homes work for them,” Angie said. “Whether they’re working from home, doing school from home, they’re changing their homes to meet their new lifestyle.”
With increases across home services, it’s not surprising that some homeowners are experiencing delays.
“Due to both increased demand and delays in production due to COVID-19, we’ve seen prices go up on supplies and labor,” Angie said.
While our homes have always been important, 2020 and the once in a century pandemic have drastically changed the relationship we have with them.