Home services spending slows, but outlook stays strong
U.S. homeowners, on average, spent 12 percent less on improvements, maintenance, and emergency repairs in 2024 than in 2023
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Image: Fifth Person
Angi on Tuesday released its annual ‘State of Home Spending Report,’ highlighting trends in how Americans invested in their homes in 2024 — and their plans for this year.
Why it matters: The report is one of the largest home services-focused studies available, surveying nearly 7,000 homeowners nationwide.
What’s happening: U.S. homeowners, on average, spent $12,050 on improvements, maintenance, and emergency repairs in 2024 — a 12 percent drop from 2023.
- Installing new HVAC systems was among the most popular upgrades, representing 12 percent of all recorded projects.
- “This shift reflects a reprioritization of spending, with essential upkeep and lifestyle-enhancing upgrades taking precedence over discretionary improvements,” the report says.
Of note: Higher-income households — those earning more than $150,000 a year — bucked the trend, spending slightly more than in 2023.
Zoom in: Baby Boomers led overall spending, averaging just over $14,000, while millennials spent the most on maintenance, in particular.
- Millennials were also twice as likely to finance projects than Gen X, which prefers to rely on savings.
The big picture: The findings come as interest rates hit their highest levels in nearly 20 years and household debt continued to climb.
- “Looking ahead, 61 percent of homeowners are concerned about affording maintenance or repairs in 2025, with younger homeowners feeling this pressure more acutely,” the report adds.
Yes, but: Despite the pressures, 93 percent of respondents intend to “take on home projects” this year, per the report.
- They’re planning even further ahead, too, with 17 percent eyeing a new HVAC system over the next five years.
The bottom line: “While total home project spending declined,” the report notes, “This year’s findings underscore a collective resilience among homeowners who are determined to preserve and enhance their most significant asset — their home.”
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