Homeowners spent $13,667 on home improvements this year

Angi released its annual State of Home Spending report, revealing home improvement trends from a survey of 6,400 consumers.

The report — which follows ServiceTitan’s report last week — examines homeowners’ spending, motives, and plans for future spending.

Highlights: On average, homeowners spent $13,667 this year on improvements, maintenance, and repairs — up 6% from last year.

• Rising mortgage rates influenced the way people thought about home improvements — 40% said they took on more projects due to the challenges of buying a new home — however, spending was largely unaffected.
• ROI as the primary motivator for improvement spending has declined four years in a row. This year, “maintaining the condition of my home” was the top motivator at 35%, while only 5% cited ROI.
•  👉 See the full report here.

Looking ahead: Despite economic conditions, 65% of those surveyed intend to make a large investment in their home over the next five years, and (interestingly) 61% plan on financing these investments with cash.

What about HVAC? 28% of homeowners planning large investments said upgrading their HVAC system is priority number one.