Despite Inflation and Recession Fears, U.S. Homeowners Continued to Invest in Their Homes in 2022

Rhea-AI Summary

Angi's 2022 State of Home Spending Report reveals increasing homeowner investments in home projects, averaging $12,904 across 12.5 projects. Home improvement spending rose to $8,484, while maintenance and emergency expenditures were $2,467 and $1,953 respectively. Top projects were regular maintenance (38%), interior painting (34%), and bathroom remodels (29%). The pandemic significantly shifted motivations, with 34% of homeowners prioritizing lifestyle needs over financial returns. More than 86% value their homes more than pre-pandemic.

Positive

• Home improvement spending increased to $8,484 in 2022, indicating strong homeowner investment.
• Total spending averaged $12,904 across 12.5 projects, a positive sign for the home services market.
• Top projects reflect ongoing homeowner commitment to enhancing living spaces, supporting Angi's business model.
• A significant shift in homeowner motivations suggests a sustainable trend in home investment.

Negative

• None.

Angi’s Annual “State of Home Spending” Report Reveals Home Maintenance, Interior Painting and Bathroom Remodels were Top Projects of 2022

DENVER, 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:

1. 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.
2. 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.
3. 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 maintenance projects.
4. Home emergency spending was $1,953 across 1.8 projects per household.
5. The top three most popular projects of 2022 were regular maintenance (38%) (such as lawn mowing, gutter cleaning), interior painting (34%), and bathroom remodels (29%). While bathroom remodels and interior painting were in the top three projects for the last two years, this is the first time we asked specifically about maintenance and were not surprised to see it as the most popular project.
6. Representing one of the biggest shifts since the start of the pandemic, the top reason for completing a home improvement project was to make the home better suit lifestyle needs, which was the primary reason among over a third (34%) of all households. The second most common reason was to get personal enjoyment out of an outdated home, with over a quarter of homeowners doing work for this reason (27%). Prior to the start of the pandemic, return on investment or other financial reasons were consistently the top motivator for improvement spending.
7. Homeowners value their homes now more than before the start of the COVID-19 pandemic (86% said Yes, 14% said No).
   

To read the report and learn more about home improvement trends in 2022, click here or download the report here.

About Angi
Angi (NASDAQ: ANGI) is your home for everything home—a comprehensive solution for all your home needs. From repairs and renovations to products and financing, Angi is transforming every touch point in the customer journey. With over 25 years of experience and a network of over 200,000 pros, we have helped more than 150 million people with their home needs. Angi is your partner for every part of your home care journey.

Angi Corporate Communications
Mallory Micetich
(303) 963-8352

FAQ

What does Angi's 2022 State of Home Spending Report indicate about homeowner investment trends?

The report shows homeowners spent an average of $12,904 on home projects, indicating a positive investment trend compared to pre-pandemic levels.

What were the top home improvement projects in 2022 according to Angi?

The top projects were regular maintenance (38%), interior painting (34%), and bathroom remodels (29%).

How much did homeowners spend on home maintenance in 2022?

Homeowners spent an average of $2,467 on home maintenance in 2022.

What percentage of homeowners value their homes more since the pandemic?

According to Angi's report, 86% of homeowners indicated they value their homes more than before the pandemic.

How did the motivations for home improvement projects change in 2022?

The primary motivation shifted to making homes better suit lifestyle needs, with 34% of homeowners citing this as their reason.