Annual Home Upkeep Costs Homeowners Nearly $10,000 on Average, According to New Honey Homes Report

Honey Homes, a membership service delivering complete home upkeep and maintenance, today announced findings from a new national data report which uncovered key pain points homeowners face in keeping up with ongoing upkeep and repairs. The data, uncovered during a national survey of 1,000 homeowners in October 2023, illuminates how the needs ? and expense ? of maintaining a home are having a major effect on household decision making.

"Due to high real estate prices and interest rates, current homeowners are hesitant to purchase a new home and become saddled with a bigger mortgage. At the same time, for many, improving or just maintaining their current home continues to be a challenge," said Vishwas Prabhakara, Founder and CEO of Honey Homes. "This is amplified by the stress and difficulty of finding reliable and affordable home service vendors. Collectively, this report underscores the acute need for solutions like Honey Homes to exist and alleviate homeowners' burdens by providing convenient, accessible, and trustworthy home maintenance."

Soaring costs impacting household budgets

• Homeowners are spending an average of nearly $10,000 ($9,924) every year on upkeep, repairs, and maintenance
• 74% of homeowners who are more likely to look for a new home instead of investing in upkeep on their current one cited the expense of home maintenance as a factor
• Broader economic concerns are also top of mind. Among those who are more likely to invest in upkeep rather than look for a new home, 71% say inflation has reduced what they can spend on a new home while 47% say interest rates are too high to take on a new mortgage

Burden of addressing home maintenance and upkeep needs is acute

• Homeowners say they have an average of 9 tasks on their home-to do lists and procrastinate for 4 weeks on completing them
• 51% of those more likely to look for a new home instead of investing in upkeep on their current one say their upkeep/maintenance needs take too much time
• 42% of those same homeowners say they can't do the upkeep themselves while 35% say their home upkeep is too difficult to manage
• The top 5 most procrastinated tasks cited by homeowners are:
  • Repairing sticky/loose cabinet drawers/doors (64%)
  • Mounting items on the wall (55%)
  • Patching, paint touch-ups (55%)
  • Hanging mirrors, artwork, etc. (50%)
  • Furniture assembly (48%)

Trustworthiness and reliability of home service providers is a major challenge

• 57% are procrastinating on their home to-do list because of the difficulty finding a tradesworker
• 42% who find and have hired a tradesworker report having been ghosted by them
• 21% of homeowners are uncertain whether the tradesworkers they hire are going to deliver the quality results they want

Honey Homes was founded in 2021 in response to the frustration many homeowners experience completing home projects and finding trustworthy vendors to help them do so. Members enjoy the support of a dedicated, trusted handyperson who visits up to two times a month to ensure top home needs are accomplished with ease. Members also have access to unlimited support from Honey Homes' expert team through its mobile app, a centralized hub where appointments can be booked and new tasks added and discussed.

For more information on how Honey Homes simplifies home upkeep to provide homeowners comfort and joy, visit www.honeyhomes.com.

Methodology

This random double-opt-in survey of 1,000 homeowners was commissioned by Honey Homes between October 19 and October 20, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).

About Honey Homes

Honey Homes replaces the stress of homeownership with comfort and delight through a unique membership service that provides complete home upkeep and maintenance. Members are paired with a dedicated handyperson who becomes a trusted partner for all of their home needs. Ongoing home improvements and preventative tasks are managed through the Honey Homes mobile app, a concierge hub where members can also receive guidance from an expert team and schedule appointments. Founded by Vishwas Prabhakara in 2021, Honey Homes has completed over 25,000 home tasks for over 1,000 members across the San Francisco Bay Area and Dallas. To learn more about Honey Homes, visit www.honeyhomes.com.