Home Maintenance Costs Underestimated by $250K, Synchrony Study Finds
Key Highlights
- Homeowners estimate spending around $70,000 on maintenance, but actual costs can exceed $339,000 over a lifetime, according to Synchrony's new study.
- Nearly half of homeowners delay repairs due to economic pressures, risking higher future costs.
- 75% of homeowners have experienced unexpected repairs, with 40% costing more than $3,000.
- While awareness of financing options is high, only one-third of homeowners utilize them, often paying out-of-pocket.
STAMFORD, Connecticut — Home maintenance costs are significantly higher than most homeowners expect, according to a new study from Synchrony, creating challenges for contractors and customers navigating repair decisions.
The company’s Lifetime of Home Care study found that homeowners estimate spending about $70,000 on maintenance and repairs over a lifetime. Actual costs exceed $339,000, or more than $7,000 annually. When major emergency repairs are included, total costs can surpass $418,000.
According to Synchrony, the gap between expected and actual costs is contributing to delayed maintenance. Nearly half of homeowners have postponed or canceled projects due to economic pressures, which can lead to more expensive repairs over time.
The study also found that more than 90% of homeowners currently have outstanding repair or maintenance needs. Common projects include paint, flooring, and windows.
Emergency repairs remain a frequent occurrence. Three-quarters of homeowners have experienced an unexpected repair, and 40% of those incidents cost more than $3,000. Despite this, 7 in 10 homeowners do not have sufficient reserves to cover emergency expenses.
Synchrony said awareness of contractor financing options is relatively high, with three in four consumers familiar with them. However, only one in three homeowners has used financing, with many relying on out-of-pocket payments.
The findings come as the U.S. repair and remodeling market continues to grow, reaching more than $600 billion and remaining well above pre-pandemic levels.
According to Synchrony, improving awareness of actual maintenance costs and financing options could help homeowners address repairs earlier and manage long-term expenses more effectively.