Press release
U.S. Homeowners Double Down on Home Improvement Spending in 2023
Angi’s annual “State of Home Spending” report shows increased spending on home improvement projects in 2023 Overall spend on home improvement grew 6% to
About this update from Angi Inc.
[{"type":"text","content":"Angi’s annual “State of Home Spending” report shows increased spending on home improvement projects in 2023 Overall spend on home improvement grew 6% to $13,667 and an average of 11.1 projects per household in 2023Rising mortgage rates was a driver of home improvement spending: 40% of homeowners say they spent more on home projects as opposed to moving due to high interest rates DENVER, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Angi, a leading and comprehensive solution for improving and maintaining homes, today released its 2023 State of Home Spending report which found that homeowners, despite a year of rising mortgage rates and recession fears, increased their spending on home services motivated by their love of their homes and a desire to maintain and improve this fundamentally important space. The report, which explores home services spending, trends and motivations, found this year's primary motivations were to maintain the condition of their homes and make their homes better suited for current lifestyle needs. Those who took on home projects last year, spent an average of $13,667 on home improvement, home maintenance and emergency repairs this year, a 6% increase compared to 2022, across an average of 11.1 projects. According to new data from the 2023 State of Home Spending report, rising mortgage interest rates influenced the way people thought about and took on home improvement projects this year. This year 40% of homeowners said they took on more home improvement work due to rising interest rates making moving or finding a new home a less feasible option. Looking forward, 30% of homeowners plan to take on more home projects in 2024 versus moving. “While many speculated that spending would shift away from the home this year as the pandemic era restrictions were rolled back, that is not what we see, homeowners love their homes and continue to invest in them,” said Angie Hicks, Chief Customer Officer, Angi. “Pandemic era home services spending continues post pandemic as the role our homes play in our daily lives changed. This year, the spending trend continued and we learned more about why people are investing in home improvement, maintenance and repair work.” Every year Angi helps millions of people complete their home projects, providing Angi with unique insights into how homeowners are improving, maintaining, and repairing the...