Homeowners spent an average of $15,680 on home improvement, home maintenance and emergency repairs this year and took on an average of 14.4 home projects, according to Angi's 2021 State of Home Spending Report: The Great Shift – How the Pandemic Put Homes in Focus.
This annual report focuses on trends in home spending including drivers, obstacles, top projects and forecasts for the years ahead.
"Not only did homeowners spend more on their homes, but they also completed more projects," said Mischa Fisher, chief economist at Angi. "The growth in home spending we witnessed last year continued at a dizzying pace as people have continued spending more time in their homes.
"2021 also presented homeowners with trillions of dollars of unexpected home equity and that wealth has been, at least in part, reinvested in the home through improvements, maintenance and repairs," he added.
The most popular home project of 2021 is interior painting, completed by nearly one in three homeowners (32%), followed by bathroom remodels (28%) and, a newcomer to the list, installing smart home devices (27%). New roofing (19.6%) was among the top projects.
"The top projects all dramatically change the look or use of one's home, mostly without being prohibitively expensive," Fisher said. "Pre-pandemic, people were motivated to work on their homes for a return on investment or other financial incentives. Now, they're prioritizing projects that help their homes better suit their new normal."
Image courtesy of Angi
Most Desired Projects
This year's State of Home Spending report also asked homeowners what home projects they would do if given $10,000. While the overall top project was a living room upgrade, 17% of male homeowners and 16% of female homeowners are interested in outdoor space upgrades.
"The project men and women both had in their top three was an outdoor space upgrade, so an outdoor kitchen with nice living features could be a great place to start," Fisher said.
Additional findings include:
- Home improvement spending rose 25% to $10,341 across 3.7 projects per household.
- Home emergency spending rose 42% to $2,231 across 2.2 projects per household.
- Home maintenance spending stayed relatively steady, with a slight 4% decrease to $3,018. This was spread across 8.5 projects per household, up from 7.5 in 2020.
- 25% of homeowners spend 50% more time at home than they did pre-pandemic, and 14% doubled the amount of time they spend at home.
- The top two reasons for uncompleted projects were items being too expensive (22%) and COVID-19 disruptions (26%).
- Half of all homeowners (49%) experienced unexpected home equity gains.
- Pandemic movers are 20% more likely to be in what they consider their "forever home" but just as likely to feel their home needs remodeling.
Read Angi's full State of Home Spending report here.