Chimney Sweep

Inflation Hits Householders with Annual Dwelling Upkeep Prices up 9.3 P.c | Your Cash

SAN FRANCISCO – (BUSINESS WIRE) – Sept. December 2021–

Thumbtack, the modern home management platform, released its first home care price index today. The Home Care Price Index leverages data on basic maintenance needs and provides insights into the annual cost of home ownership across the country and in the top 40 US cities.

This press release contains multimedia. View the full press release here: https://www.businesswire.com/news/home/20211209005269/en/

In the last 12 months, the average maintenance costs for a single-family home have risen by 9.3 percent, partly due to a lack of labor and materials. At the same time, the demand for home services is increasing: 30 percent of homeowners surveyed say they will spend more than US $ 10,000 on home projects in the next 12 months. 1

“Our houses are gaining both in value and in importance in our lives. As costs rise, keeping track of home care is a smart investment – saving money, adding value and providing homeowners with peace of mind, “said Marco Zappacosta, Co-Founder and CEO of Thumbtack. “We created the Home Care Price Index to provide transparency while also helping homeowners find a great professional at the right price for all of their home needs.”

Average cost of home care

According to Thumbtack’s Home Care Price Index, the average annual cost of maintaining a single family home is $ 4,886 – an increase of about $ 450 per household compared to 2020. That increase appears to be slowing in the fourth quarter of 2021, as in comparison, costs rose 0.4 percentage points lower than in the previous quarter.

The Home Care Price Index takes into account various projects homeowners must tackle each year – including HVAC maintenance, gutter cleaning, roof maintenance, and more – to avoid costly repairs and unnecessary emergencies. Among these projects, the highest price peaks are in the maintenance of sprinkler and irrigation systems (+28.8 percent), equipment maintenance (+19.7 percent) and sewer and ventilation cleaning (+19.5 percent).

In addition, the rising costs of home care are affecting not only single-family homes, but also row houses and apartments. Over the past 12 months, the average cost of a townhouse has increased 8.6 percent to $ 1,922 – an increase of about $ 150 since 2020 (excluding HOA fees). Over the same period, the average cost of an apartment has increased 10 percent to $ 682 – an increase of $ 62 from 2020.

Regional inflation trends

Many areas across the country saw costs rise over the past year due to “major reshuffle”, labor and supply shortages, and a new focus on minimizing house wear and tear during the pandemic. These trends vary widely at the local level:

  • Florida and the “Sun Belt” see spikes: As homeowners, and especially families, are looking for warmer (and milder) weather, Florida cities like West Palm Beach (+18.4 percent), Orlando (+16.6 percent) and Miami ( +14.4.) Percent) as well as cities along the “sun belt” such as Charlotte (+18 percent), Houston (+15.8 percent), San Antonio (+13.8 percent), San Diego (+13.7 percent ), Austin (+12.6 percent), Atlanta (+10.8 percent) and Greenville-Asheville (+10.8 percent) all recorded increases.
  • Hot markets are seeing rising costs: In addition, cities in which the real estate market has been booming since the beginning of the pandemic, such as Portland (+33.9 percent), Las Vegas (+17.6 percent), Seattle (+16.3 percent), Salt Lake City (+12.8 percent), New York (+12.1 percent) and Denver (+10.5 percent) also recorded stronger increases.
  • Cooler markets weaken: Cities like Baltimore (-1.9 percent), Columbus (+0.9 percent), Boston (+2.1 percent), Philadelphia (+2.4 percent), Washington DC (+2, 5 percent), San Francisco (+3 percent), Nashville (+3.1 percent), Milwaukee (+4.3 percent), Chicago (+4.4 percent) and Dallas-Ft. Worth (+5.2 percent) are well below the national average or show slower growth.

“People in different cities will make different decisions. But what is clear is that you can postpone buying a new couch – but once you have moved to a warmer climate, you cannot postpone servicing or repairing your air conditioning, sprinklers and other high-traffic areas, “added David Steckel. Home Expert at Thumbtack. “Proactive home care saves homeowners thousands of dollars in repairs and helps arrange replacement appointments. For example, HVAC maintenance costs $ 390 each year compared to replacing a system, which can cost up to $ 12,500. “

Switch to continuous care

Home has become even more important in people’s lives over the past two years. It is therefore more important than ever to internalize the idea of ​​continuous maintenance – not just repairing things when they break, but also preventive maintenance. As the partner of choice, Thumbtack helps homeowners take care of their home from start to finish and find the right professional at the right time for their home’s unique needs with no hassle.

To hire a local professional for your home projects, visit www.thumbtack.com or download the Thumbtack app (available for iOS and Android).

About thumbtack

Thumbtack is a technology leader developing the modern home management platform. The Thumbtack app makes it easy for homeowners to manage their homes – knowing confidently what to do, when to do it, and who to hire. Thumbtack brings the $ 500 billion home services industry online, empowering millions of homeowners to repair, maintain, and improve their most precious asset. Hundreds of thousands of local service professionals, from painters and plumbers to photographers and math teachers, use the Thumbtack platform every year to grow their business.

methodology

The Housekeeping Price Index includes categories of pins that are considered essential annual house maintenance tasks – equipment maintenance, carpet cleaning, central air conditioning maintenance, deck stains and sealing, duct and ventilation cleaning, chimney and chimney cleaning, full-service lawn care, gutter cleaning and maintenance, Maintenance of the heating system, house cleaning, foliage cleaning, high pressure cleaning, roof maintenance, maintenance of sprinkler and irrigation systems, tile and joint cleaning, tree pruning and removal, maintenance of water heaters, window cleaning, caulking and basic cleaning. The price data is based on over a million projects requested on Thumbtack between January 1, 2020 and November 18, 2021, reported directly by the independent service representative or individual customer. Cost is an unweighted index of home maintenance projects on a quarterly basis using a moving average. Outliers were removed when the reported price was three times the standard deviation from the mean within each category.

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1 In a Thumbtack survey of over 1,000 Americans, 22 percent of homeowners plan to invest $ 5,000 to 9,999, 19 percent plan to invest $ 10,000 to $ 24,999, 6 percent plan to invest $ 25,000 to $ 49,999 and 5 percent plan to invest $ 50,000 or more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211209005269/en/

CONTACT: Laura Arrubla Toro

press@thumbtack.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

SECTOR KEYWORD: SOFTWARE CONSTRUCTION & REAL ESTATE INTERNET BUILDING SYSTEMS TECHNOLOGY LANDSCAPE OTHER CONSTRUCTION & REAL ESTATE RESIDENTIAL CONSTRUCTION & REAL ESTATE

SOURCE: Thumbtack

Copyright Business Wire 2021.

PUB: 12/9/2021 8:00 AM / DISC: 12/9/2021 8:03 AM

http://www.businesswire.com/news/home/20211209005269/en

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