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HomeAdvisor Releases New True Cost Report Highlighting Home Improvement Trends

HomeAdvisor Releases New True Cost Report Highlighting Home Improvement Trends

The report, authored by HomeAdvisor's Chief Economist Brad Hunter, provides insight into homeowner spending trends and the primary factors influencing home project decision-making, including age group, region, interest rates, and consumer confidence.

The report shows that millennials, for whom homeownership rates are increasing rapidly, are more likely than any other generation to remodel any part of their home—and take on the highest number of projects. While other generations take on fewer projects, millennials tend to spend more per renovation. 

"Most millennials have had to compromise on the size and condition of their starter homes — with many purchasing older homes in need of repair just to be able to afford homeownership," said Brad Hunter, HomeAdvisor Chief Economist. "Many of the millennials who bought a home in the last few years are seeking to upgrade. But a lack of housing inventory, coupled with inflated home prices and rising mortgage rates, has them renovating their existing homes instead of selling and moving."

The report is informed by HomeAdvisor's True Cost Guide, an online guide for homeowners to access real costs as reported by consumers for home projects, as well as results from an annual survey* conducted among homeowners. To view the complete report, visit HomeAdvisor's 2018 True Cost Report page.

HomeAdvisor® is a digital marketplace evolving the way homeowners connect with service professionals to complete home projects. With HomeAdvisor's on-demand platform, homeowners can find and vet local, prescreened home service professionals; view average home project costs using True Cost Guide; and instantly book appointments online or through HomeAdvisor's award-winning mobile app, which is compatible with all iOS, Android and virtual assistants, including Amazon Echo. HomeAdvisor is based in Golden, Colo., and is an operating business of ANGI Homeservices (NASDAQ: ANGI).

* Data included in the True Cost Report is based on an online survey conducted by HomeAdvisor's internal research team. The survey was conducted nationwide among 1,012 homeowners from March 21-30, 2018. All survey participants were primary or joint decision makers in decisions related to home maintenance and improvement projects completed in the prior 12 months.