Home Improvement Spending On the Rise in 2020
Home Advisor has dubbed 2020 “The Year of the Home,” and their most recent survey offers statistics to back that up. According to the survey, average household spending on home services in the U.S. rose to $13,138 in 2020, a $4,000 increase year-over-year.
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On average, U.S. households spent $8,305 on home improvement, $3,192 on home maintenance and $1,640 on home emergencies. Various factors spurred renewed emphasis on home improvement, chief among them increased time people spent at home due to the coronavirus pandemic.
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“This year’s topline growth in spending and projects is a story of both increasing costs of supplies, increasing cost of labor and homeowners shifting spending from things like entertainment and travel to their homes,” the survey says. “While the cost to do projects compared to last year did increase, we also found that homeowners were spending more as well.”
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