Homeowners are experiencing “great levels of stress and deep concerns” that rising costs for products and services might prevent them from proceeding with home improvement projects, a new survey has found.
According to the findings of the survey, conducted by Modernize Home Services, 61 percent of the 500+ homeowners surveyed reported that decisions about improving their home have resulted in “more stress than I can handle” or “a lot of stress/tough to manage,” said Modernize, an Austin, TX-based provider of marketing services for home improvement contractors.
The factor most often cited for causing homeowner stress (21 percent of those surveyed) was “inflated cost of do-it-yourself or contractor supplies and services,” Modernize reported. The second-highest stressor (20 percent) is the price of gasoline, followed by the impact of weather/climate (14 percent) and the war in Ukraine (7 percent), the company said.
More than half the homeowners surveyed (57 percent) said that their current stress level is “much worse” or “somewhat worse” than at the start of the COVID-19 pandemic, while 19 percent said their stress level is about the same, Modernize reported.
69 percent of the homeowners surveyed said “the high of supplies” was the greatest barrier to proceeding with home improvement projects. In contrast, 14 percent said the greatest barrier is “coping with managing” the project, Modernize researchers added.
“While this survey was comprised of homeowners actively shopping for home improvement services, many aren’t confident they can proceed” in the current economic and supply chain environment,” Modernize said.