101 Stats Every Homeowner Should Know

Jul 19, 2019 | Syndication Cloud

homeowner stats

Originally posted on https://www.hscwarranty.com/blog/101-stats-every-homeowner-should-know/

 

Buying a home is exciting, owning a home is gratifying, but maintaining a home can be costly. Especially when it comes to maintaining appliances with a home warranty. Before you take the plunge and purchase a home, here are some stats on home ownership you’ll want to keep in mind.

Appliance Care

 

  • The average lifespan of a clothes washer and dryer is 13 years (Nationwide)
  • The average lifespan of a dishwasher is 12 years (Nationwide)
  • The average lifespan of a stove is 20 years (Nationwide)
  • The average lifespan of a water heater is 11 years (Nationwide)
  • The average lifespan of a refrigerator is 14 years (Nationwide)
  • The average lifespan of a furnace is 18 years (Nationwide)
  • The average lifespan of a central air system is 11 years (Nationwide)

Energy Efficiency

 

  • Homes that use ENERGY STAR appliances save an average of $80 per year (Nationwide)
  • ENERGY STAR appliances consume 10-15% less water and energy than standard models (Nationwide)
  • The energy used in homes accounts for the third largest use of energy in the U.S. (Connect4Climate.org)
  • 65% of residential energy consumption is used and 35% is wasted (Connect4Climate.org)

Energy Usage

 

 

Resales

 

  • In 2017, the average time a home was on the market fell to a record low of only 3 weeks (National Association of Realtors ®)
  • In 2017, first-time home buyers accounted for 34% of all home buyers (National Association of Realtors ®)
  • Home remodeling only increases home value by 57% of the average project’s costs
  • The home remodeling upgrade with the largest return on investment is the kitchen (Remodeling Magazine)
  • The average cost of a bathroom remodel is $10,500, and the average ROI is 102% (DRM Investments LTD)
  • 13% of pre-owned homes are “for sale by owner” (DRM Investments LTD)
  • Two thirds of the cost of home improvement projects goes directly to increasing the home’s value (HGTV)

Homebuying

 

Lawn Care

 

  • Households in the U.S. expended close to $15.9 billion on gardening and lawn care services in 2015 (LawnStarter)
  • 57% of Americans erroneously think that if a lawn is not green, it means it is not healthy (BusinessWire)
  • Around two thirds of all water use in every household goes to watering the lawn (Plowz & Mowz)
  • It’s said that turfgrass can boost a home’s property value by 15 to 20% (Plowz & Mowz)
  • According to the Bureau of Labor Statistics, Americans spend 73 hours each year doing yard work (Bankrate)
  • Nearly 65,000 people have to go to the hospital each year due to lawn-mowing related injuries (Plowz & Mowz)
  • Retail sales of lawn and garden supplies in the United States are expected in 2019 to reach $6.6 billion (LawnStarter)
  • As of 2018, it’s estimated that the landscaping and lawn care market is at $88 billion in revenue (IBISWorld)
  • The average cost to hire a weekly lawn mowing service is around $53 (Pro Referral)
  • Pest control costs anywhere from $50 for animal removal to $1,200 or more for termite extermination and repair (Fixr)

Utilities

 

  • According to the U.S. Department of Energy, the standard U.S. family spends an average of $2,060 annually for home utility bills (Energy Star)
  • Ceiling fans help save on utilities by enabling you to keep your thermostat two degrees lower in the winter and two degrees higher in the summer (The Simple Dollar)
  • Replacing a home’s five most used light bulbs with Energy Star varieties could save you up to $75 each year (Energy Saver)
  • In 2017, an estimated 273 billion kilowatthours of electricity were used by the U.S. residential and commercial sectors for lighting (U.S. Energy Information Administration)
  • Implementing upgrades suggested in a home energy audit could save you 5 to 30% on your utility bills each year (Energy Saver)
  • In 2016, there were around 70.8 million smart electricity meters installed in the U.S.  (U.S. Energy Information Administration)

Real Estate Market

 

  • In 2017, more than 5.5 million existing homes were sold (National Association of Realtors ®)
  • In 2017, 612 thousand newly-constructed homes sold (U.S. Census Bureau)
  • In 2016, the median new home size in the United States was 2,467 square feet, 61% larger than 40 years ago (The Wall Street Journal)
  • Median home has increased every decade in the U.S. since 1940 (ActiveRain, Inc.)
  • Those purchasing a new home often pay 2% to 5% of the overall purchase price just in closing costs (Investopedia)
  • The all-time high for mortgage rates was a whopping 18.45% in October 1981 (Federal Home Loan Mortgage Corporation)
  • It’s estimated that the U.S. has 5 times more vacant houses than homeless people (Truthdig)
  • Two-thirds of United States homes are occupied by their owner, with all the others being rentals (ActiveRain, Inc.)
  • In 2018, mortgage rates at one time averaged 4.33% on a 30-year fixed mortgage, which was among one of the lower mortgage rates in history (Interest.com)
  • In 2009, the United States recorded more foreclosures than marriages (Hartford Courant)
  • The FHFA states that the average price of a home in the U.S. increased by 34.71% from 2013 to 2017 (Investopedia)
  • The median home price for a married couple in 2016 was $208,500 (The New York Times)

General Home Maintenance

 

  • In the United States, homeowners spend an average of $9,080 on hidden expenses that like home improvement and taxes (MarketWatch)
  • Home maintenance costs including heating and A/C maintenance, gutter cleaning, pressure washing, yard work, and carpet cleaning cost an average of $3,021 per year (Zillow)
  • The National Fire Protection Association says that improper dryer cleaning may lead to the 15,000 annual dryer fires they respond to (National Fire Protection Association)
  • A leaky faucet can result in a gallon of wasted water per week (Oliver Heating & Cooling)
  • Homeowners spend an average of 1 to 4% of a home’s value each year on repairs and maintenance (U.S. News)
  • U.S. households spend on average $1,506 per year on home furnishings like carpet, flooring, appliances, and furniture (The Nest)
  • The average cost of appliance repair in the United States is $170 (HomeAdvisor             
  • It costs a minimum of $2000 to have professional roofers replace your roof, with prices reaching upwards of $8500 (Angie’s List)
  • To replace your home’s foundation it’ll cost an average of $4,436, with maximum prices being more than $10,000 (HomeAdvisor)
  • The national average for water damage repair and cleanup is $2,599 (HomeAdvisor)
  • The national average for wind damage repair is $7,229 (HomeAdvisor)
  • The national average for fire & smoke damage repair is $12,727 (HomeAdvisor)

 

Home Security

 

  • 37% of realtors say their clients see smart home devices or locks on as very important (National Association of Realtors ®)
  • A slim 15% of American households have a home security system, and only 54% of those homes understand how to use them (Statistic Brain)
  • In the United States, a burglary happens every 15 seconds (Jacksonville State University)
  • Burglaries often occur at a higher rate in summer and a lower rate in winter and spring (U.S. Department of Justice)
  • The average estimated monetary loss resulting from a burglary in the United States is a little more than $2,000 (Jacksonville State University)
  • In 28% of burglaries a member of the household is present (U.S. Department of Justice)
  • The risk of your residence being robbed is higher for rental properties than properties owned by occupants (FBI)
  • It’s expected that by 2020, there will be 22 million people using smart security (NextMarket Insights)
  • According to the FBI, the number of burglaries reported in the United States decreased by 28% from 2006 to 2015 (FBI)
  • Of burglaries reported in 2015, 72% were on residential property (FBI)
  • The most common way burglars enter is by destroying or removing a door (U.S. Department of Justice)
  • Home security systems that use a GSM chip cost $40 to $60 per month (ProtectAmerica)

Home Ownership Benefits

 

  • 88% of people who currently own homes say homeownership is a positive experience (HouseLogic)
  • 86% of homeowners say the income tax benefits of home ownership are a key reason to buy (ActiveRain, Inc.)
  • It’s estimated that a homeowner’s net worth is 34 times higher than a renter’s (HouseLogic)
  • 9 in 10 homeowners believe that owning a home is part of the American Dream (National Association of Realtors ®)
  • 72% of renters agree that over a time span of many years, it is smarter to own a home than to rent (HouseLogic)
  • Those who own homes are reported as healthier physically and psychologically than non-owners (National Association of Realtors ®)

Owner Statistics