Annual home maintenance costs continue to rise, reaching new high of $6,663 amidst tight housing market
By Jack Erb•Last updated Jan 29, 2024
Last updated Jan 29, 2024
Each quarter, we release new data from our Home Care Price Index*, a snapshot leveraging insights from more than one million essential home projects to estimate the annual cost of maintaining your home in cities across the country.
While there are signs of hope in the housing market heading into spring, 2023 was a challenging year. Between record-high mortgage rates, low inventory, and lower sales, homeownership was out of reach for many Americans. At the same time, the 85% of mortgage holders who locked in sub-5% rates chose to stay put instead of entering the market, and focused on improving and maintaining their current homes.
In Q4 2023, the average annual cost to maintain a single-family home increased by about 8% year over year — from $6,155 in Q4 2022 to $6,663 in Q4 2023 — reaching a new high since we started tracking in 2020. However, homeowners have reason to be optimistic: the index increased only 1.32% from Q3 2023 to Q4 2023, showing signs of slowing inflation.
At the same time, the average annual cost to maintain a townhome and condo also rose year over year, increasing at annualized rates of 6.69% and 3.17%, respectively. The yearly cost to maintain a townhome is now $2,284, an increase of $118 compared to Q4 2022, and $773.54 for a condo or apartment, an increase of $22 compared to Q4 2022.
Homeowners prepare for holiday hosting with upkeep and winterization
Our Home Care Price Index includes maintenance projects* homeowners need to tackle each year — including HVAC maintenance, gutter cleaning, appliance repairs and maintenance, and more — to keep homes running smoothly and prevent costly emergency repairs. This quarter, we saw most home maintenance prices rise, with 12 out of 17 home maintenance categories increasing in cost compared to the same period in 2022.
With rising prices and higher borrowing costs, homeowners prioritized ongoing maintenance to keep everything running smoothly and avoid pricey repairs. In Q4, homeowners were mainly focused on winterizing, weatherproofing, and general upkeep ahead of the holiday hosting season, with three of the most booked projects including house cleaning, handywork, and appliance repair and maintenance.
When looking at specific categories, Heating System Repair or Maintenance saw the biggest price increase over the past year (up 41.8% YoY), followed by Roof Repair and Maintenance (up 26% YoY), Central Air Conditioning Repair and Maintenance (up 20% YoY), Gutter Cleaning and Maintenance (up 14% YoY), and Fireplace and Chimney Cleaning and Repair (up 13% YoY).
Sunshine state sees cooling costs
In this iteration of our Home Care Price Index, we examined home maintenance costs for the largest 20 metropolitan areas from coast to coast, with 11 out of the 20 metro areas examined experiencing a year-over-year increase.
The rising costs of home maintenance affected cities from coast to coast, with Houston (+38%), Cleveland (+34%), Seattle (+20%), and Dallas (+14%) experiencing the biggest increases in Q4. Meanwhile, costs in the Sunshine State started to cool down, with Miami experiencing a sharp decrease in the annual cost of home maintenance, down -27% year over year ($5,154 annually), followed by Tampa (down -16%), Sacramento (down -11%), and Denver (down -9%).
While prices continue to increase overall, some cities are more cost-effective than others. Florida stands out with the most affordable cities, including Miami-Ft. Lauderdale ($5,154), Orlando-Daytona ($5,044), and Tampa-St. Pete ($5,118). After a surge of new residents moved to Florida over the past two years, home maintenance costs finally started to decrease.
Below are the most and least affordable cities for home care in Q4 2023, looking at average cost per city:
Preparing your home for a brighter spring
While prices continue to rise, the pace of increase has slowed, hinting at a potential easing in 2024. The Fed has signaled rate cuts in 2024, potentially in Q2 of this year, leaving consumers cautiously optimistic for an economic “soft landing” as sticky inflation may finally be inching toward 2-percent norms.
Consequently, mortgage rates have dropped steadily, averaging 6.6% for a 30-year fixed mortgage the week ending Dec. 28, with experts predicting rates between 6% and 7% in Q1, followed by a decline throughout the year. A small uptick in single-family home construction is also working through the construction backlog, bringing more inventory to the market.
In Q1 of this year, homeowners should focus on maintenance and routine upkeep to keep their houses in good condition for spring, whether they’re considering selling or simply avoiding costly emergencies. Although spring and summer are popular seasons for tackling home projects, checking items off your to-do list during winter can often lead to cost savings and faster completion because there is less competition.
So what maintenance tasks should homeowners focus on early this year? First, if you live in a cold-weather climate, prioritize removing snow from around your home, including your roof. Prolonged moisture can damage foundations, so winterizing is important for keeping basements dry and homes warm. For states that don’t get snow, adequate drainage should also be top of mind. It’s a good time to check where water pools around the house and make sure gutters are working properly. It’s also a good time to have a pro snake out your main line to ensure your pipes aren’t getting backed up — the last thing anyone wants to deal with is backed-up drains during the cold season.
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 get free personalized guidance for your home.
*Methodology: The Home Care Price Index includes Thumbtack categories deemed essential annual home maintenance tasks — 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 and 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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