Biannual State of the Home Survey Examines Impact of Pandemic on Financial Savings Strategies
NORWALK, Conn.–(BUSINESS WIRE)–
HomeServe USA (HomeServe), a leading provider of home repair solutions, announced the findings of the 11th edition of its Biannual State of the Home Survey. The survey reports on the financial impact of home repairs and the state of the American home. This edition, in light of COVID-19, also looked at whether Americans have changed their financial savings strategy as a result of the pandemic.
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Infographic on HomeServe’s 11th edition of its Biannual State of the Home Survey (Photo: Business Wire)
“2020 has, without a doubt, been a year of significant turmoil. So for the 11th edition of our survey, we wanted to provide some measurement of the impact uncertainty and the COVID-19 pandemic has had on our lives,” said Tom Rusin, Global CEO of HomeServe Membership. “The survey made it clear that the pandemic has impacted many Americans’ financial savings strategies, with a significant number – 43% – indicating that they are trying to save more for the future than they were prior as a result of COVID-19. This is especially significant coupled with the survey finding that over one-third of homeowners (36%) have less than $500 – or nothing at all – set aside for an emergency home repair, yet 62% of homeowners have had a home repair emergency in the past 12 months.”
This edition of the survey was conducted online by The Harris Poll on behalf of HomeServe, September 16-18, 2020, among 2,053 U.S. adults age 18+, of which 1,424 are homeowners.
Americans’ Savings Practices Now and Post COVID-19
The survey looked at how COVID-19 has impacted Americans’ strategy for saving financially for the future. Forty-three percent of Americans say they are trying to save more for the future than they were before as a result of the pandemic; with 53% of those age 18-36 saying they are trying to save more. On the other side, 13% of Americans say they will likely save less than they were before as a result of COVID-19.
Each of the 11 editions of the survey have measured homeowners’ savings practices for unexpected home emergencies. This edition of the survey found that over one-third (36%) of homeowners have less than $500 or nothing set aside for an emergency home repair. Nearly one in five homeowners (19%) with an annual household income of less than $50,000 reported having no savings set aside for such an emergency. The lack of savings is especially concerning given that more than three out of five (62%) homeowners reported having a home repair emergency in the past 12 months.
Twenty-one percent of homeowners in the Midwest reported having no funds set aside for a home emergency repair, while only 9% of homeowners in the Northeast and West have no savings for such a repair.
Homeowners Tackle Home Repairs and Decorating During COVID-19
It’s not surprising that American homeowners are taking advantage of more time at home during quarantine to make the spaces they live in more enjoyable. Spending more time at home has caused nearly one-third of homeowners (31%) to want to renovate or redecorate their home and one-third (32%) report that it has allowed them to tackle some needed home repairs. This trend is reinforced by the 20% increase in demand for repair services that HomeServe has seen from its customers since the pandemic began.
Additionally, almost one-quarter of Americans (24%) say that more time at home has made them realize how much they love the spaces they live in. On the flip side, 15% of Americans report that spending more time at home during quarantine has made them want to move to a new home with those ages 18-36 being more likely than those ages 37+ to say this (24% vs. 11%).
This survey was conducted online within the United States by The Harris Poll on behalf of HomeServe from September 16-18, 2020 among 2,053 U.S. adults ages 18 and older (among whom 1,424 are homeowners). This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected].
HomeServe USA Corp. (HomeServe) is a leading provider of home repair solutions serving more than 4.4 million customers across the US and Canada under the HomeServe, Home Emergency Insurance Solutions, Service Line Warranties of America (SLWA), Service Line Warranties of Canada (SLWC) names, and through locally branded HVAC companies located in major metro areas. Since 2003, HomeServe has been protecting homeowners against the expense and inconvenience of water, sewer, electrical, HVAC and other home repair emergencies by providing affordable repair coverage, installations and quality local service.
As an A+ rated Better Business Bureau Accredited Business, HomeServe is dedicated to being a customer-focused company supplying best-in-class repair plans and other services to consumers directly and through over 1,000 leading municipal and utility partners.
HomeServe has teamed up with executive producer, host, and best-selling author Mike Rowe, best known as the creator and host of the hit TV series Dirty Jobs, to work together to provide homeowners expert advice on maintaining, enhancing and protecting their homes. For more information about HomeServe, a Great Place To Work certified winner and recipient of thirty 2020 Stevie Awards for Sales & Customer Service, or to learn more about HomeServe’s affordable repair plans, please go to www.homeserve.com. Connect with HomeServe on Facebook and Twitter @HomeServeUSA. For news and information follow on Twitter @HomeServeUSNews.
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Hill+Knowlton Strategies for HomeServe
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|Infographic on HomeServe’s 11th edition of its Biannual State of the Home Survey (Photo: Business Wire)|