AUSTIN, TX — Homeowners are exhibiting signs of “significant stress and deep concerns” over the rising costs of products, raw materials and services tied to home improvement projects, a major new survey has found.
According to the findings of the 2022 Homeowner Sentiment Report, a survey of more than 23,000 homeowners considering home improvement projects, 86% of surveyed homeowners reported that stressors such as surging prices, a potential recession, supply chain backlogs and political unrest are impacting their home improvement decisions.
The annual survey was conducted this summer by Modernize Home Services, an Austin, TX-based provider of marketing services for home improvement contractors in 15 segments, including bathrooms and kitchens.
According to Modernize, 61% of surveyed homeowners indicated that their levels of stress about decisions relating to their home were either “more than I can handle” and “a lot of stress; it’s tough to manage.” Some 57% of the homeowners polled believe that the current level of stress is “somewhat worse” to “much worse” than at the start of the COVID-19 pandemic in 2020.
Almost 70% of the homeowners polled said the greatest barrier to their home improvement projects is the “high cost of supplies,” Modernize said. An additional 14% said the greatest barrier is “coping with managing the whole project.”
32% of surveyed homeowners have had to cancel or delay a project, in 2022 down from 45% last year, Modernize reported. This year, however, the reason for most cancellations (74%) is cost, the company said.