2022 IN REVIEW FOR HOMEOWNERS

This is Home Improvement and Repairs’ first issue of 2023, and now is a good time to reflect on the last year and what we can learn from it. New findings by Hippo Home Insurance revealed that a year of growing economic and financial instability took a toll on homeowners and their well-being.

According to the 2022 Hippo Housepower Report, a national survey of over 1,000 U.S. homeowners, 63% of homeowners surveyed said they made homeimprovement upgrades in 2022. The most common upgrades were interior repainting (40%), replacing plumbing/fixtures (40%), kitchen remodeling (39%) and purchasing new appliances (39%). Of those people, 89% said they went over budget on the home improvements.

Furthermore, escalating factors caused homeowners to put certain tasks on the backburner. Higher prices for gas cut into home project funds for over half of homeowners (54%), and two-thirds of homeowners (64%) concerned with inflation rates say it caused them to delay maintenance. Nearly 40% of those with financial concerns delayed repairs after losing money in the crypto crash, and 52% of homeowners with financial concerns are holding out on home improvements due to recession concerns.

However, 65% of those who experienced a problem in their homes recognize that it could’ve been prevented with proactive maintenance. On average, homeowners spent nearly $6,000 on home repairs and maintenance in 2022, but few are doing enough ongoing home-maintenance tasks. Less than 1% of survey respondents addressed all necessary maintenance tasks such as clearing tree limbs and cleaning appliance filters within the timeframe.

In 2023, with the housing market cooling off, many homeowners will opt for upgrading their current home vs. moving. According to Hippo, homeowners are budgeting $11,173 on average for home improvements and upgrades in 2023. Yet, after reviewing the expenses and regrets of homeowners in 2022, it appears that prioritizing essential home maintenance might be a better priority for homeowner satisfaction than optional upgrades for a current home.