GOLDEN, Colo., April 28, 2016 /PRNewswire/ -- Democrats are more willing to spend money on home projects and Republicans are more likely to complete "do-it-yourself" projects, according to HomeAdvisor's 2016 True Cost Report. The report provides insight into how generational, regional and political aspects affect American homeowners' attitudes, spending habits and decision-making when it comes to home improvement projects. The report is informed by HomeAdvisor's True Cost Guide, a robust database that collects real cost data from millions of homeowner projects, as well as results from an annual survey* conducted among homeowners.
"The survey uncovered that factors such as political affiliation, age and geographic location can significantly affect American homeowners' attitudes and decision-making when it comes to home improvement and repair projects," said HomeAdvisor's Cost Advisor Leah Ingram. "Additionally, homeowners are more willing to invest in home improvement projects and are prepared to do so."
Highlights of the 2016 True Cost Report include:
- Homeowner spending and home project habits are similar among Millennials and Baby Boomers, as both age groups are completing more home maintenance and repair projects than any other age group.
- Homeowners are saving for home projects, with 92 percent of homeowners paying for home maintenance and repair projects with cash and home improvements ranking second only to vacations when it comes to matters for which homeowners save money – ranking above cars, jewelry, home appliances and furniture.
- Homeowners are most focused on remodeling, routine maintenance and repair, and energy and security projects, with alarm installation and locksmith services ranking highest among homeowner requests in the past year.
"Our data indicated that in the past 12 months, there was a 47 percent increase in homeowners who spent more than $1,000 on home improvement projects," continued Ingram. "We attribute this rise to the shrinking housing inventories and escalating home prices, which provide equity for homeowners to boost the enjoyment and monetary values of their existing properties."
Click here to see the full 2016 True Cost report.
HomeAdvisor's True Cost Guide gives homeowners guidance on what they can expect to pay for home projects in their local area by providing cost information for more than 350 projects based on data reported by real homeowners.
HomeAdvisor is a nationwide digital home services marketplace providing homeowners the tools and resources for home repair, maintenance, and improvement projects. HomeAdvisor's marketplace lets homeowners view average project costs coast-to-coast using True Cost Guide, find local prescreened home professionals, and instantly book appointments online or through HomeAdvisor's award-winning iOS and Android mobile apps. Access to all of HomeAdvisor's resources is free for homeowners, with no membership or fees required. HomeAdvisor is based in Golden, Colo., and is an operating business of IAC (NASDAQ: IAC).
*Data included in the True Cost Report is based on a survey conducted by Hanover Research on behalf of HomeAdvisor. The survey was conducted among 1,653 homeowners, ages 25 or older, from February 4-19, 2016. All survey participants were involved in purchasing decisions related to home maintenance and improvement projects completed in the prior 12 months. Additionally, the data for the top home improvement projects is based on the number of service requests submitted through HomeAdvisor.com from March 1, 2015-March 1, 2016; project cost data is based on data submitted to True Cost Guide from April 4, 2008-March 1, 2016.
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