2021 Home Spending Continued at ‘Dizzying Pace,’ Report Finds
DENVER — Not only did homeowners spend more on their homes in 2021, but they also completed more projects, according to a new report by Angi, the Denver-based firm that links homeowners with remodeling and other home-related professionals.
According to Angi’s report annual 2021 State of Home Spending Report – entitled The Great Shift: How the Pandemic Put Homes in Focus – surveyed homeowners spent an average of $15,680 on home improvement, home maintenance and emergency repairs in 2021, and took on an average of 14.4 separate home projects.
“The growth in home spending we witnessed continued at a dizzying pace as people have continued spending more time in their homes,” said Mischa Fisher, chief economist for Angi, whose annual report focuses on trends in home spending including drivers, obstacles, top projects and forecasts for the years ahead.
“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,” Fisher observed. “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,” she added.
The most popular home project of 2021 was interior painting, completed by nearly one in three homeowners (32%), followed by bathroom remodels (28%) and installing smart home devices (27%). Other top projects include flooring (26.7%), landscaping (24.7%), exterior painting (24.2%), kitchen remodels (23.7%), fencing (23.1%), new roofing (19.6%) and new cabinets (19.5%).
The Angi report also asked homeowners what home projects they would do if given $10,000. While the overall top project was a living room upgrade, selected by 17% of homeowners, the different priorities of men and women were clear. Male homeowners prioritized living room upgrades (18%), outdoor space upgrades (17%) and bedroom upgrades (15%), while women were more interested in kitchen remodels (21%), bathroom upgrades (17%) and outdoor space upgrades (16%).
The State of Home Spending was based on Angi’s analysis of surveys fielded to 6,400 consumers in early October, the company said.
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