U.S. Homeowners Double Down on Home Improvement Spending in 2023

• The annual “State of Home Spending” report shows increased spending on home improvement projects in 2023 and explores key home improvement trends
• Overall spend on home improvement grew 6% to $13,667 and an average of 11.1 projects per household in 2023
• Rising mortgage rates was a driver of home improvement spending: 40% of homeowners say they spent more on home projects as opposed to moving due to high interest rates
• 2023 trending projects include: general maintenance, interior painting and new appliance installations

U.S. homeowners despite a year of rising mortgage rates and recession fears, increased their spending on home services motivated by their love of their homes and a desire to maintain and improve this fundamentally important space. This year homeowners primary motivations were to maintain the condition of their homes and make their homes better suited for current lifestyle needs.

Those who took on home projects last year, spent an average of $13,667 on home improvement, home maintenance and emergency repairs this year, a 6% increase compared to 2022, across an average of 11.1 projects. 

According to new data from the 2023 State of Home Spending report, rising mortgage interest rates influenced the way people thought about and took on home improvement projects this year. This year 40% of homeowners said they took on more home improvement work due to rising interest rates making moving or finding a new home a less feasible option. Looking forward, 30% of homeowners plan to take on more home projects in 2024 versus moving. The impact of rising rates on home improvement is a trend to watch next year.

Every year Angi helps millions of people complete their home projects, providing them with unique insights into how homeowners are improving, maintaining, and repairing their homes.

To learn more about home improvement trends in 2023 and beyond, read the full report here