Study Shows That Homeowners Significantly Underestimate Project Costs

Homeowners are dramatically underestimating the true cost of maintaining their homes—and that knowledge gap is causing project delays, financial stress, and hesitation at the point of sale, according to the Lifetime of Home Care Study from financial services firm Synchrony. 

The study highlights a financial reality many remodelers see firsthand, and those who understand and address these concerns are better positioned to move projects forward.

According to the study, homeowners estimate they will spend about $70,000 on maintenance and repairs over their lifetime. In reality, routine upkeep alone can exceed $339,000, with annual costs often topping $7,000—well above the $1,000 to $5,000 many homeowners expect.

For remodelers, that disconnect helps explain why some clients hesitate when faced with necessary repairs or project costs. Home maintenance has become one of the most significant financial stress points for homeowners, driven by aging housing stock, higher material and labor costs, and ongoing economic uncertainty. Nearly half of homeowners say they have delayed or canceled projects due to financial pressures, even when the work is needed.

Yet the demand for repairs remains significant. More than 90% of homeowners report outstanding maintenance or repair needs, with painting, flooring, and window replacement topping the list.

Emergency repairs are also common. The study found 75% of homeowners have experienced an unexpected home repair, and 40% of those incidents cost more than $3,000. Despite this, seven in 10 homeowners say they don’t have adequate savings set aside for major repairs.

While three-quarters of homeowners say they are aware that contractor financing exists, many don’t take advantage of it; only one in three has ever used it while most choose instead to delay projects or pay out of pocket.

(RELATED: Read about on how home improvement pros can utilize financing as a sales tool)

For remodeling professionals, the findings underscore the importance of helping homeowners understand the long-term cost of homeownership—and the value of proactive maintenance. Offering financing options can also help bridge the affordability gap, enabling homeowners to address needed work sooner rather than postponing repairs that may ultimately become more expensive.