flexiblefullpage - default
interstitial1 - interstitial
Currently Reading

40% of Homeowners Concerned with Home Improvement Affordability

billboard -

40% of Homeowners Concerned with Home Improvement Affordability

Rising interest rates, prices, job security, and contractor availability are main factors impacting homeowners' decision to proceed with home improvement projects.

By Caroline Broderick June 29, 2022
home improvement sentiment and economy
Photo courtesy Chaay_tee | stock.adobe.com

Recent data reveals homeowners shopping for home improvement services lean toward pulling back as the current economic climate sparks high stress.

The survey, conducted by Modernize Home Services, questioned more than 500 homeowners actively considering home improvement projects about their sentiments towards the economy, rising prices, and their homes.

Though stress comes with any home project, the survey discovered that 75% of surveyed homeowners reported high-stress levels regarding decisions relating to their home, selecting their levels of stress as “More than I can even handle” and “A lot of stress, tough to manage.”

Before the current economic landscape, characterized by decades-low market drops and interest rates pushing 6.0%, the service causing homeowners the most stress was roofing projects. Today, that high stress reaches across all services, says Modernize.

RELATED: Indicators of a Softening Market and How to Prepare

Largest Stressors for Homeowners

Inflation, interest rates, job security, and contractor availability are the factors most impacting homeowners’ decisions to start home improvement projects. A whopping 85% of respondents agreed that “Inflationary pricing right now puts supplies and labor costs out of reach on my budget.”

A big impact on budgets are also the rising interest rates on home improvement loans, according to survey findings.


Job Security Fears 

Homeowners also express stressors impacting their personal finances aside from project budgets: 77% reported concern about job security or income.


Construction Materials Costs

May’s consumer price index reported a yearly increase of 8.6%, the highest level since December 1981, and these inflating prices of both building materials and contractor services were the most common stressor amongst respondents at 21%. 

Rising gas prices emerged as the second-highest stressor, with 20% of respondents attributing their high stress to costs at the pump. Overall interest rates and the impact of the weather/climate were reported as top stressors by 16% and 14% of respondents, respectively.

RELATED: Challenging Affordability Environment Offers Opportunities for Remodelers

Consumers More Stressed Now Than 2020

At the onset of the pandemic, consumer sentiment dropped significantly, as did the construction industry’s, yet both took a surprising turn. Stress levels from the unknown and business closures sparked by the pandemic still do not match the levels of stress homeowners feel now, according to the survey. Just 19% of homeowners reported feeling the same stress level today as they did at the onset of the pandemic, and 57% reported feeling much worse or somewhat worse.

Will Home Improvement Stressors Soften Demand?

With high costs being the largest stressor among 20% of respondents, it’s also the prime reason homeowners may delay home improvement projects.

The top barrier to proceeding with home improvement projects for 69% of surveyed homeowners is the higher cost of supplies. Another 14% say coping with project management overall is their biggest hurdle.

But will these costs truly keep homeowners from starting their projects? The survey points towards yes. Survey data found that 40% of homeowners said, “there is no way I can afford to accomplish any home improvement plans right now in this economic and supply chain environment.”

Amongst all types of home improvement projects, window projects were found to cause the lowest confidence among homeowners at 47%. 

Windows have long remained one of the materials with the longest lead times and significant effects on construction schedules. Lead times have doubled, sometimes tripled, for windows due to shortages of window parts.

And in contrast to points of higher new home prices fueling remodel demand, 70% of homeowners said, “With home values going up anyway, it’s not sensible to make repairs/upgrades now.”



written by

Caroline Broderick

Caroline Broderick is the Managing Editor for Pro Remodeler. Most recently, she served as the associate editor for PR's sister publications, Pro Builder, Custom Builder, and PRODUCTS where she covered design, building products, trends, and more in the residential construction industry. She can be reached at cbroderick@sgcmail.com.

Add new comment

Plain text

  • No HTML tags allowed.
  • Web page addresses and email addresses turn into links automatically.
  • Lines and paragraphs break automatically.

Related Stories

Seats Limited: Women in Residential + Commercial Construction Conference

Join 300 women in Nashville from October 25-27 for the ninth annual women's construction conference

NARI Announces New Co-CEOs

The National Association of the Remodeling Industry announces two tenured leaders as co-CEOs, concluding a six month vacancy

Leaf Home Hires Chief Growth Officer as Company Continues to Expand

Nina George joins the large home improvement company and will drive efforts to add new locations and new product lines

Remodeling Spending to Decline at Faster Rate, Says Harvard

Remodeling spending may drop for the first time since 2020, according to predictions from Harvard's Remodeling Futures Program

New Immigration Law Adds to Contractor Labor Woes

Migrant workers are fleeing Florida and construction companies are feeling the impact

What Fuels Window and Door Projects?

Two recent surveys identify the top reasons homeowners opt for window and door replacement projects

4 Things for Remodelers to Understand About Google Analytics 4

The new era of Google Analytics is here, and it's set to help you make better marketing decisions through in-depth metrics

Inspiration for Disney Movie Invincible to Headline Premier Remodeling Industry Event

Former Philadelphia Eagles team captain Vince Papale will share his made-for-Hollywood underdog story with remodeling and home improvement professionals at Pro Remodeler's The Pinnacle Experience 2023

NAHB Remodeler of the Year: Robert Greaves

By prioritizing employees, customers, and community, People Come First Construction Group rises to the top of the remodeling ranks

Leading with HEART: A Remodeler's Book on Leadership, Company Values

F.H. Perry Builder Owner Allison Iantosca shares the experience of writing a book based on her company's values

boombox1 -
boombox2 -
native1 -

More in Category


NARI Announces New Co-CEOs

The National Association of the Remodeling Industry announces two tenured leaders as co-CEOs, concluding a six month vacancy

native2 -
halfpage1 -
leaderboard1 -