According to Zippia, the majority of homeowners spent between $5,000 and $10,000 on home improvements in 2018. Those who stay in more densely populated areas were spending close to $18,000. It seems like people are increasingly spending more money on home repairs with time. There are several reasons why this is so. Here's a look at why people are spending more on home repairs.

1. The Year of the Home

Home Advisor labeled 2020 the year of the home. This title was backed up by lots of data and surveys. According to research conducted by Home Advisor, the average spending on home repair and improvement services in the United States rose to about $13,138 in 2020. This was a $4,000 increase year-over-year. Before that, homeowners used to spend about $8,305 on home improvement. About $3,192 of this would go towards home maintenance, and $1,640 would be dedicated to home emergencies. One of the main factors that increased the amount of money that people spent on home renovations in 2020 was the increase in the amount of time that people spent at home due to the pandemic.

2. Increase in Cost of Supplies and Labor

After 2020, most people who had started working from home kept on working from home. Remote working has become even more popular since companies realized how productive people could be when working in less stressful environments. However, this means that people are spending way more time at home than they did in the past. This enables homeowners to see whatever is wrong with their homes and want to fix it as soon as possible. Part of the reason why the money spent on home improvements has gone up is the increase in how much it costs to do projects. Supplies are a bit more expensive, and contractors are also charging more.

3. People Are Choosing to Enhance Their Home Rather Than Fix Them

According to a survey by Home Advisor, 41% of homeowners admitted they spend more on home improvements to make their homes better suited for their lifestyles. On the other hand, 85% did so because they were spending more time at home. This created a shift towards home improvements as a lifestyle choice. Instead of people spending money on repairs, they're now more interested in spending money to enhance their homes. This means that people are now more likely to spend money on their homes even if there's nothing to fix.

Compared to five years ago, people are now spending significantly more on home repairs and improvements. Are you looking for someone to help you repair or remodel your home? Get in touch with Property Renovators LLC today. We would love to work with you.