How Homeowners Are Responding To Essential Maintenance During A Shifting Economy

After two years of a hot home buying market, Hippo, an American property insurance company based in Palo Alto, California, launched a national survey. Objective: To understand the impact of changing market forces on US homeowners over the past 12 months.

Findings of the 2022 Hippo Housepower Report, more than 1,000 U.S. A national survey of homeowners has found that growing economic and financial instability has had an impact on homeowners and their well-being in a year.

“2022 was a big year for homeowners, managing unpredictable issues with rising prices and other external factors,” said Rick McCathron, president and CEO of Hippo. “However, of the homeowners we surveyed, two-thirds who have experienced problems in their homes say they could have been prevented with regular maintenance.”

78% of survey respondents, all US homeowners, regretted buying their homes in the past 12 months. Among those who have regrets: 49% say home ownership is more expensive than they thought.

47% say they have had too many unexpected problems with their home. 47% say there is too much upkeep and maintenance involved, and 46% say they have compromised on the things they really want for their home. This epidemic is felt more heavily by buyers. Those who eagerly bought a home during the pandemic are more likely than others to regret their purchase (87% vs. 73%).

Due to rising factors, homeowners put certain tasks on the back burner this year. Home project funds cut into home project funds for more than half of homeowners (54%) related to higher gas prices and the rate of inflation, with two-thirds of homeowners (64%) saying it caused them to delay maintenance. About 40% of people with financial worries delayed repairs after losing money in the crypto crash, and 52% of homeowners with financial worries are putting off home improvements due to recession worries.

On average, homeowners spent about $6,000 on home repairs and maintenance in 2022. However, few are doing enough ongoing household maintenance tasks. Less than 1% of survey respondents addressed all necessary home maintenance tasks, such as clearing tree limbs and cleaning appliance filters, within the timeframe recommended by Hippo Home Care. However, the majority of people who have experienced problems in their homes recognize that they can be prevented with proactive maintenance and/or regular inspections (65%).


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