Home-Care Costs Continue to Climb MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

As the typical purchase price for a home remains at an all-time high, so does the cost of caring for one.

According to the Q3 Home Care Price Index (wherein analysts at home-services provider Thumbtack estimate the yearly expense to maintain a single-family house), homeowners today average an annual $10,433 for their property’s upkeep. That represents a five point nine percent increase compared to last year’s third quarter.

On the upside for homeowners, 2024’s one point seven percent quarter two to quarter three increase reflects a deceleration in pace compared to a two point forty seven percent rise during the same period last year.

Researchers say aging home inventory, climate and weather-related issues, and building material price inflation collectively have contributed to rising home-care costs.

The median age of homes in the U.S. is approximately forty three years. That has precipitated “a need for more complex and costly repairs due to older systems and a backlog of neglected maintenance,” according to the report.

Exacerbating the situation are supply chain disruptions and growing costs for construction materials, which have accelerated since the beginning of 2024, increasing home maintenance professionals’ overhead.

Extreme-weather-related factors are another major contributor, the research showed.

August 2024 was recorded as the hottest month in NOAA’s one hundred and seventy five year history, authors of the study said. Heat waves further strain home systems and elevate the demand for air conditioning repairs, which surged by fourteen point sixty two percent. That’s the highest year-over-year increase among the study’s nineteen “essential home projects” categories.

Heating system repairs, pest control services, gutter cleaning, and irrigation system repairs also saw double-digit increases (respectively fourteen point forty three, thirteen point, twelve point three, and eleven point forty eight percent).

While a majority of categories saw cost increases, most were relatively small and six rose less than five percent Y-o-Y. Duct and vent cleanings, along with water heater maintenance, even saw slight decreases in costs, at  negative four point five percent and negative point forty three percent year-over-year, respectively.

At the local level, twenty seven of the thirty major markets in the study experienced year-over-year cost increases.

San Francisco recorded the most significant hike at seventeen point twenty four percent, bringing annual costs to $12,261. Other cities with notable increases include Atlanta (up eleven point forty three percent to $11,730) and Detroit (up ten point thirty one percent to $10,949). Conversely, Washington, D.C. experienced a decrease of two point ninety six percent in annual home maintenance costs, alongside Los Angeles (down two point forty one percent) and Chicago (down two point twenty four percent).

Also notable, the report highlighted a correlation between job creation and home maintenance costs.

“In the past five years, Texas and Florida have been responsible for more than half of the nation’s jobs created, fostering a more competitive market,” the report’s authors note. “Both Texas and Florida dominate the list of cities where it is least expensive to maintain a home.”

In contrast, they add, states with lower job creation rates, including California, New York, Washington, and Massachusetts, rank among the most expensive for home maintenance.

Analysts advise property owners to anticipate ongoing maintenance-cost variability.

“Our data suggests homeowners should remain vigilant and prepared for fluctuating expenses.”

The full report is available on Thumbtack’s blog.

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