While owning a home is still an investment, rising prices and interest rates have given homeowners a new perspective on the benefits of maintaining their homes. Rather than focusing on improvements that increase their home’s selling price, owners mention personal enjoyment and accommodating their lifestyles as the primary motivators for making home improvements. Because homeowners value spending quality time at home, they budget the money required to keep their residences in good condition.

According to Angi’s 2024 State of Home Spending report, maintenance tops the list of the three categories that drive spending. “As millennials are still in their prime home-buying years, they were the top spending age cohort in 2022 and 2023. Last year, they spent an average of $16,136 on home improvement, repairs, and maintenance. The top three home improvement projects in 2023 were regular maintenance, interior painting, and, finally, new appliance installation. Surprisingly, for t he first time in 2 years, bathroom remodels dropped to fourth place,” says Mallory Micetich, home care expert at Angi. Survey respondents cited several reasons for completing projects in their homes.

• 1% Maintain Condition of Home
• Make Home Better Suited for Lifestyle Needs
• 4% Get Personal Enjoyment Out of Outdated Home
• 6% Renovating instead of Moving Due to Interest Rates

Although spending on maintenance and emergency repairs increased by six percent at an average cost of $13 667, the total number of projects declined by 11 percent (11.1 projects per household).

Changing Attitudes: Home Sweet Home
Society is gradually adjusting to the new normal that resulted from the pandemic. One significant change impacting the housing market is how people view their homes. Before 2020, homeowners ranked ROI as the primary reason they did work on their homes. Getting the highest selling price was rule number one. However, this motivation has declined for the past four years. Just five percent of respondents mentioned ROI as a reason for making home improvements. Today, owners want to transform their homes into retreats that provide enjoyment and enhance their lifestyles.

Opportunity for Independents
The most obvious reason people decide to complete projects themselves is to save money. According to statistics, the average home has 11 projects that must be completed. Almost 50 percent of homeowners tackled a home improvement project last year. Statista, a research firm, indicates sales in the U.S. will reach $625 billion in 2025. Independent retailers are in a prime position to capitalize on the opportunity to increase sales to DIY consumers. The neighborhood hardware store or home center is the place consumers visit when they want advice about quality products that can help them complete their projects. Homeowners trust that the salesperson is knowledgeable and will provide great service.

DIYers Will Pay Higher Prices for Quality Products
Retailers are challenged to offer customers the right assortment at prices shoppers are willing to pay. With inflation on the rise and the cost of materials skyrocketing, it’s natural for store owners to be concerned about passing on higher prices to their customers. While homeowners complete their projects to save money on labor, they place a high value on maintaining their homes and are willing to pay more for quality products. Fixing up the house can be an emotional experience. It can be gratifying to see the beautiful results of adding a touch of paint to faded walls or updating a few light fixtures.

• Seventy-one percent of homeowners choose to pay more for quality products
• 65 percent of DIYers want sustainably sourced materials

Almost 67 percent of DIYers make purchases based on a specific budget. Still, they would rather spend the money on higher-quality products that complement their tastes than settle for less expensive merchandise. What customers want to purchase continues to evolve, so it’s essential to be aware of new trends and changes in purchasing behaviors. The bottom line is that homeowners wish to have options in terms of assortments and materials.

Independent hardware stores and local home centers can be great resources for people who want to learn how to work on DIY projects. Consider offering workshops on painting tips, healthy lawn growth, or weatherization. Building a community of loyal customers who advocate for your business is a great way to attract more shoppers and grow sales.