Angi Releases 2024 State of Home Spending Report

Core Insights - Homeownership remains a vital aspect of the American dream, with 93% of homeowners planning to undertake home projects in 2025 despite a 12% decline in total spending on home projects in 2024 [1][6][8] Homeowner Sentiment and Behavior - 67% of homeowners prefer renovating their current homes over moving, highlighting the value placed on homeownership amid economic challenges [2][11] - 43% of homeowners reported increased stress related to home repairs over the past year, with home repairs being the most stressful budget item, surpassing healthcare and childcare [2][6] Spending Trends - Homeowners spent an average of $12,050 on home projects in 2024, down from $13,667 in 2023, with a shift towards essential upkeep and lifestyle-driven upgrades [8][11] - Boomers led home spending in 2024, averaging $14,140, while Millennials focused on maintenance, spending $2,316 [7][11] Project Preferences and Future Planning - Popular upcoming projects for 2025 include routine maintenance (36%), interior painting (22%), and flooring installations (13%) [11] - 46% of homeowners plan large-scale projects over the next five years, such as kitchen remodels (31%) and bathroom upgrades (28%) [11] Challenges Faced by Homeowners - 54% of homeowners struggle to find qualified professionals for projects, leading to delays and higher costs [7] - Over 50% of homeowners encountered unexpected costs during project completion, particularly for materials and labor [7] Generational Insights - 63% of homeowners aged 18-44 are actively saving for future projects, compared to 49% of homeowners aged 65 and older [7] - Multigenerational households, comprising 1 in 4 homeowners, are more likely to undertake larger renovations [7]