Press release
Despite Inflation and Recession Fears, U.S. Homeowners Continued to Invest in Their Homes in 2022
Angi’s Annual “State of Home Spending” Report Reveals Home Maintenance, Interior Painting and Bathroom Remodels were Top Projects of 2022 DENVER, Dec. 07,
About this update from Angi Inc.
[{"type":"text","content":"Angi’s Annual “State of Home Spending” Report Reveals Home Maintenance, Interior Painting and Bathroom Remodels were Top Projects of 2022\nDENVER, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Angi, a leading and comprehensive solution for everything home, today released the 2022 State of Home Spending report which found that U.S. homeowners continued to invest in their homes at levels elevated from prior years. Those who took on home projects last year, spent an average of $12,904 on home improvement, home maintenance and emergency repairs this year across an average of 12.5 projects. This annual report focuses on trends in home spending including drivers, obstacles, top projects and forecasts for the years ahead. From this year’s report, analysis and data show that 2022 marks a return to more normal home spending patterns representing an increase in spending and projects from 2019 and 2020 and a decrease in home services spending and projects from 2021. There was unusually high demand in 2021, and now this year's report shows how 2021 home services spending and projects was likely an outlier. “This year, home spending was higher than pre-pandemic years with homeowners across the country continuing to heavily invest in their homes and take on home improvement, maintenance and emergency work,” said Angie Hicks, Chief Customer Officer, Angi. “The enduring trend of the pandemic era is all about making your home customized to fit your needs. Our homes now have a different value providing us with more than a financial return. This shift in the value of our homes will have a lasting impact on home improvement moving forward.” Highlights from this years’ report include: Across all three categories of home spending—improvement, maintenance, and emergencies— total average spending in 2022 was $12,904 across an average of 12.5 projects. Total home services spending was relatively flat compared to 2020 and increased 42% since our 2019 State of Home Spending report.Home improvement spending was $8,484 in 2022. Homeowners who invested in home improvement did an average of 3.2 projects, which was nearly flat compared to the previous years’ number of projects.Home maintenance spending in 2022 was $2,467. The average number of completed maintenance projects was 7.5. Homeowners completed an average of 3 landscaping jobs, 2.2 cleaning jobs, and 2.3 other ma...