After a Brief Slowdown, Home Maintenance Prices Start to Rise Again
Jack Erb•Thumbtack's Economist •Last updated Apr 11, 2023
Last updated Apr 11, 2023
Each quarter we release new data from our Home Care Price Index\*, a snapshot leveraging data from more than one million essential home maintenance projects to provide insight into the annual cost of maintaining your home in cities across the country.
After a brief slowdown at the end of 2022, the average annual cost to maintain a single-family home has started to rise again, increasing at an annualized rate of 8.85% (Q1 ’23 compared to Q4’22), up 4.25% from the previous quarter. The average annual cost to maintain a single-family home is $6,409, up $521 from the same time last year.
Meanwhile, the average annual cost to maintain a townhome and condo has remained fairly stable, increasing at an annualized rate of 3.76% and 1.79% respectively. The yearly cost to maintain a townhome is now $2,184 ($79 more than the same time last year) and $739 for a condo or apartment (up just $13 from the same time last year).
Our Home Care Price Index takes into account various maintenance projects\** homeowners need to tackle each year — including HVAC maintenance, gutter cleaning, roof repair, and more — to keep homes running smoothly and prevent costly, emergency repairs. In 2023, we’ve seen home maintenance prices rise across the board, with 16 out of the 17 home maintenance categories increasing in cost compared to the same time last year.
Fireplace and Chimney Cleaning and Repair has seen the biggest price spike over the past year (up 36.6% YoY) followed by Sprinkler and Irrigation System Repair and Maintenance (up 21.1% YoY), Central Air Conditioning Repair and Maintenance (up 19.9% YoY), Roof Repair and Maintenance (up 12.4%), Tree Trimming and Removal (up 12.2%) and Full Service Lawn Care (up 11% YoY). We’ve seen the biggest price jumps in outdoor projects, which we expect to continue as people prepare their homes for the spring and summer seasons.
Spotlight on the Sunshine State
This past quarter we saw the cost of home care rise nationwide, with 31 of the top 40 metropolitan areas seeing an increase in the average annual cost of home care as compared to the same time last year.
While we’ve seen double-digit increases in half of the top 40 metropolitan areas, the biggest increases were in cities throughout Florida, with Tampa-St. Petersburg up 42.6% YoY, Miami-Fort Lauderdale up 38.9% YoY and Orlando-Daytona up 32.4% YoY. Last year, Florida was the fastest-growing state due not only to the appealing weather but also the strong labor market and lack of state income tax. With an influx of people moving to the Sunshine State, home improvement projects were top of mind in 2023. Miami in particular has seen a recent rise in home prices as people continue to move to the area.
In addition to Florida’s rapidly growing population, hurricane activity experienced by the state has led to costly repairs for homeowners. Hurricane Ian alone left billions of dollars of damage and with the shortage of roofers and contractors, homeowners have experienced delays in home repairs, with many still working through repairs in the beginning of 2023.
While we’re seeing an increase in prices from coast to coast, some cities remain a bit more cost-effective for home maintenance than others. Below are the most and least affordable cities for home care across the country in 2023, looking at average cost per city:
Mixed Economic Signals
Economic signals remain mixed through the first quarter of 2023. While inflation continues to slow from its 40-year high last summer, the rising interest rates are starting to strain the broader economy, particularly in the banking sector. Consequently, the Federal Reserve may be more cautious in raising rates in the short term. Yet broad-scale inflation remains above 6%, and price increases in non-discretionary staples like food and home maintenance are hovering in the double-digit range.
The housing market is also showing signs of stabilization — housing starts increased in February and mortgage rates were mostly flat in Q1. Combined with the continued shortages in skilled-labor professionals, home maintenance prices will likely continue to climb in the near term as homeowners invest in their largest asset.
Sprucing Up Your Home for Spring
As we head into spring and people start preparing their homes for warmer weather and the spring selling season, it’s important to prioritize projects that will have the biggest return on investment, especially in a time of rising prices. Doing regular maintenance on your home, from servicing your AC before summer to ensuring your gutters are cleaned out after the winter, will help homeowners avoid pricey repairs and keep costs down. Delayed maintenance could mean emergency repairs, which tend to happen over evenings and weekends and could cost 1.5–2x the normal price of a service.
So what can homeowners do now to prepare for spring and avoid costly repairs? David Steckel, Thumbtack’s Home Expert, encourages homeowners to think a season ahead when it comes to home projects. Thinking about xeriscaping your yard or restaining your deck? Now is the time to start reaching out to service professionals. Be sure to book early so that you can get your home ready for summer!
For guidance on what projects to do, when to do them, and who to hire, download the Thumbtack app (available on iOS and Android) and you’ll get a free seasonal home care plan personalized to your exact location and home type.
\*Methodology: The Home Care Price Index incorporates Thumbtack categories that are deemed essential annual tasks for home maintenance — Appliance Maintenance, Carpet Cleaning, Central Air Conditioning Maintenance, Deck Staining and Sealing, Duct and Vent Cleaning, Fireplace and Chimney Cleaning, Full Service Lawn Care, Gutter Cleaning and Maintenance, Heating System Maintenance, House Cleaning, Pressure Washing, Roof Maintenance, Sprinkler and Irrigation System Maintenance, Tile and Grout Cleaning, Tree Trimming and Removal, Water Heater Maintenance, and Window Cleaning.
\*\*Pricing data is based on projects requested on Thumbtack reported directly by the independent service professional or individual consumer. The cost is an unweighted index of home maintenance projects on a quarterly basis using a moving average.
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