Homeowners Significantly Underestimate Cost of Home Upkeep

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Homeowners Significantly Underestimate Cost of Home Upkeep

Stamford, CT, March 19, 2026--Synchrony released findings from its new national study, Lifetime of Home Care. The study reveals a significant gap between what homeowners expect to spend on home maintenance and repairs and what they are likely to pay over a lifetime, leaving most homeowners unprepared for the financial reality. 

The study comes amid a shifting housing landscape where U.S. homeowners face mounting pressure from aging homes, rising repair costs, and ongoing economic uncertainty. Despite recent softening, the U.S. repair and remodeling market remains nearly 50% above pre-pandemic levels, topping $600 billion, underscoring the growing financial burden of home care.

“At a time when homes are older and more expensive to maintain, many homeowners are unprepared when it comes to understanding and planning for the real cost of maintenance and repair,” said Curtis Howse, EVP and CEO, Home & Auto, at Synchrony. “Our Lifetime of Home Care study reveals a critical disconnect between perception and reality and highlights why greater awareness of costs and flexible financing solutions are essential to keeping homes safe, sound and livable over time.”

A Growing Stress Point for Homeowners

Home maintenance has become one of the most significant sources of financial stress for American households, surpassing healthcare, childcare and debt. These feelings are warranted. According to the Lifetime of Home Care study:

  • Homeowners estimate spending approximately $70,000 on maintenance and repairs over a lifetime, yet the actual cost is more than $339,000 for routine upkeep alone.
  • This means that while homeowners estimate spending $1,000 to $5,000 annually, the actual costs exceed $7,000 per year.
  • Homeowners could spend more than $418,000 over the course of ownership when they experience major emergency repairs, such as HVAC failures or water damage.
  • Nearly half of homeowners (48%) have delayed or canceled projects due to economic pressures, which can result in more expensive repairs down the road.
  • More than 90% of homeowners currently have outstanding repair or maintenance needs, with paint, flooring and windows topping the list.

Emergency Repairs Are Inevitable, But Few Are Prepared

The Lifetime of Home Care study shows that home emergencies are not a matter of if, but when. Three-quarters (75%) of homeowners have experienced an emergency home repair, and 40% of those incidents cost more than $3,000. Despite this inevitability, seven in ten homeowners lack sufficient repair reserves, creating moments when flexible financing becomes essential.

Despite broad awareness of financing options, many homeowners fail to use them when it matters most. While three in four consumers know contractor financing exists, only one in three has ever used it, often relying on out-of-pocket payments.