Report Finds Rising Prices for Home Maintenance Has Cost 50% of Homeowners $3,000+ in 2023 — Expect a Similar Number in 2024
Written by
Dawn Allcot
Edited by
Nicholas Morine
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Suze Orman has previously recommended setting aside a special emergency savings account for unexpected expenses like home or car repairs. But how much should you keep in such an account? It could be more than you might expect, based on recent research from the Hippo Homeowner Preparedness Pulse Report.
The survey of more than 1,200 homeowners found that 50% paid more than $3,000 on home repairs in the past year, and 50% predicted that trend will continue in 2024. Fourteen percent said they spent between $2,000 and $3,000 in 2023, and 24% predicted they would spend about the same next year.
Meanwhile, 10% said they spent $10,000 or more in 2023, but only 5% expect to pay that much in 2024. It could be these homeowners got larger projects out of the way and will now enjoy their repairs or upgrades while saving money.
Only 27% said they spent $1,000 or less on home repairs, and even fewer (26%) expect to spend about the same in 2024.
Climate Change Sparks Concerns About Home Damage
More homeowners than last year said they are concerned about “severe weather or climate threats damaging their homes,” the survey found. In 2022, only 42% were worried about weather damage, while 64% voiced concerns in 2023.
Through August 2023 when the survey took place, 56% of homeowners had experienced storm- or climate-related damage to their homes, compared to just 31% in the 2022 survey.
Tornadoes, hurricanes, and other winter storms are among the winter perils that could bust your home repair budget going into 2024, GOBankingRates previously reported. Weather experts at The Climate Prediction Center of the National Oceanic and Atmospheric Administration indicated there is a 95% chance of El Nino activity through March 2024. El Nino is a climate pattern that can create hurricanes, high winds and other extreme weather.
Homeowners Delay Projects Due to Rising Costs
Even with these concerns, homeowners are letting needed repairs and maintenance fall by the wayside. Nearly three-quarters of homeowners said inflation hindered their planned projects, compared to just 43% who had to postpone or cancel projects due to price increases in 2022. Supply chain issues and product shortages also affected planned projects, said 59% of homeowners this year — compared to just 39% in 2022.
Rising costs for home maintenance and repairs stem from supply chain issues, inflation and labor shortages, according to the report.
Delaying projects has hurt homeowners in the long run. In the 2023 Preparedness Report, 45% said they experienced preventable damage to their home, while only 19% reported the same in 2022. Unexpected repair incidences also rose in 2023, with 78% of homeowners needing unexpected repairs compared to 60% in 2022.
Regular Maintenance and Preparedness Can Make a Difference in Preventing Surprise Damage
Even if you can’t tackle bigger projects due to your budget or other challenges, you can still prevent the need for major repairs by doing some affordable maintenance on a regular schedule.
For instance, Hippo listed regular tasks such as clearing gutters of leaves and debris, cleaning HVAC filters, trimming overgrown tree limbs that could cause damage in a storm and creating an emergency storm kit as small, low-cost steps you can take to protect your home — and prevent unscheduled maintenance or repairs.
“Starting small, whether it’s with repairs or an emergency repair fund, can help homeowners get their homes in better shape over time,” the report authors wrote.
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