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Many Homeowners Held Back on Home Services Spending in 2023
In the past year have you hired more, fewer, or about the same number of home repair/maintenance/improvement services companies as usual?
A majority of homeowners said they had hired about the same number of providers in the past year as usual across home repair, maintenance, and improvement services. However, respondents were nearly three times as likely to say they had hired fewer home improvement companies as they were to say they had hired more. Homeowners were also twice as likely to say they had hired fewer home maintenance companies as they were to say more, while a slightly higher share of respondents said they had hired fewer home repair companies than more home repair companies.
Which of the following best describes how high interest rates/inflation impacted your home repair/maintenance (leak fixes, HVAC repairs, lawn care, house cleaning, etc.) decisions over the last year?
When asked how high interest/mortgage rates had impacted their home repair and maintenance decisions over the last year, 28% of respondents said they’ve been spending less and delaying most services, while another 20% said they had spent less and were taking on more home repair and maintenance projects themselves.
Which of the following best describes how high interest rates/inflation impacted your home improvement (kitchen/bathroom remodeling, painting, etc.) decisions over the last year?
Home improvement efforts were similarly impacted by interest rates, with half of respondents saying they spent less over the last year as a result of high rates and that they were either delaying projects or taking on more of the work themselves.
Younger generations in particular have been delaying home repair, maintenance, and improvement projects due to the current interest rate climate. Across Gen Z and millennials, 37% said they had been spending less on these home services and delaying most of the work. For boomers, the rate saying the same was just 20%.
Across home repair, maintenance, and improvement, just 6% of respondents said that high interest/mortgage rates drove them to spend more over the last year on home services because they couldn’t purchase a new home.