Homeowners are spending more money to maintain their houses just like home buyers are spending more money to buy them.
Cost of Home Maintenance Estimated to Jump +9.3% in 2021
Thumbtack, a home services website, has estimated home maintenance costs in the US to increase +9.3% in 2021 due, in part, to labor and material shortages. Thumbtack is suggesting that homeowner’s budget approximately $4,900 for home maintenance yearly on a single-family house., an increase of about $450 from last year.
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Like single-family home prices themselves, single-family home maintenance costs are highly localized. See the list below.
Home Maintenance Cost by Area
Here are areas with the highest and lowest home maintenance costs as of November 18, 2021, according to Thumbtack.
Metro Area Percent Change from 2020
Portland OR +33.9%
West Palm Beach – Ft. Pierce +18.4%
Las Vegas +17.6%
Orlando – Daytona +16.6%
Seattle – Tacoma +16.3%
San Francisco – Oakland – San Jose +3.0%
Washington DC +2.5%
Projects of Choice
According to Thumbtack, almost 33% of homeowners plan to spend more than $10,000 over the next 12 months to better outfit their homes for at-home work and school functioning.
The balance of money budgeted for home maintenance projects this coming year is pointed to “necessary” repairs such as air conditioners in warm climates and hot water tanks expected to need replacing soon and “routine” maintenance such as tree pruning/removal and roof fixing in hopes of warding off more expensive costs down the road.
Appliance maintenance has jumped +19.7% in just one year. Maintenance costs in townhomes and apartments have increased +8.6% to $1,922 and +10% to $632, respectively, in the last 12 months. Also, home maintenance cost increases mirror monthly median fees set by condo HOAs, according to Zillow.
And then, you might have noticed an increase in your property taxes. More expensive home valuations have kicked up property tax costs the most in 15 years in 2020, according to the US Labor Department.
Thanks to Bloomberg.