Homebuyers tend to underestimate how much it will cost them to repair and maintain their recently purchased homes, according to a new survey by Jobber, a company that provides IT solutions to contractors, tradespeople and the like. The Recent Homebuyer Reality Check studies how much buyers spend and compares that to their original expectations.
Younger homebuyers were especially unrealistic in estimating the costs of repairing and maintaining their homes. Around two-in-three Gen Z-ers and Millennials found that homeownership had been more stressful than they expected. Roughly half as many Baby Boomers had similar experiences.
Not that a bit of stress puts off recent buyers. "The first two years of homeownership are harder than most buyers expect, but 93% say they're glad they bought anyway," said Abheek Dhawan, Chief Strategy Officer at Jobber, in a Jun. 24 news release promoting the study.
The Costs of Repairs and Maintenance
The survey's report found the following spending levels on unexpected repairs and maintenance since a recent purchase:
- Zero — 7% of respondents
- $1-$1,000 — 11%
- $1,000-$4,999 — 27%
- $5,000-$9,999 — 34%
- Over $10,000 — 21%
Unsurprisingly, 63% of the survey's Gen Z respondents reported that the costs were higher than they expected when they were purchasing.
One survey respondent, Colin C. of Santa Ana, California, told researchers, "Our home was built in the 1980s and had never been renovated. Just a few months after moving in, I heard water dripping from our upstairs bathtub.
"A small drip turned into a major plumbing repair just months after we moved in," continued Colin. "It was a stressful and expensive lesson that the purchase price is only the beginning. Unexpected repair bills can show up when you least expect them."
Older Homes Tend to Be More Expensive to Care For
Colin's experience uncovers an important factor affecting home repair and maintenance costs: The older a home is, the more expensive it typically gets to keep it in tip-top condition.
And America's housing stock is aging fast. In March, the National Association of Home Builders (NAHB) reported that the median age of owner-occupied homes climbed to 42 years old in 2024, up from 31 years in 2005.
The share of owner-occupied homes built within the previous 14 years has tumbled to 13% in 2024 from 18% in 2014. At the same time, the share of older homes that are 45 years or older has jumped to 47% in 2024 from 39% in 2014.
Of course, homes in the U.S. are young by international standards. "Most of England's housing stock is owner occupied and built before 1919," says Statista.
However, that reflects differences in construction techniques and cultural attitudes. Nearly all homes in England are built of brick, stone, or a double skin of rendered concrete blocks with a cavity between. They're intended to last, and do.
And the English typically prefer to improve, extend and remodel their homes rather than demolish them and start again from scratch. That attitude is common across much of Western Europe, as are those construction techniques.
How to Cope with Unexpected Maintenance Costs
The easiest way to avoid shocks is to anticipate surprises, especially when buying an older home. Yet barely 31% had an emergency repair fund when purchasing, according to the survey.
That's understandable, especially among first-time homebuyers, who often stretch themselves to their financial limits with down payments and closing costs. Still, they might find that investing a few hundred dollars in a home inspection is a worthwhile way to avoid purchasing a money pit.
Short of buying a new home with a warranty, there's no sure way of predicting how much repairs and maintenance will cost. The range of spending shown by survey respondents (above) demonstrates how certainty is beyond our reach.
It's probably best to get in a reputable local contractor or tradesperson as soon as a potential issue presents itself. Naturally, homeowners will ask what's wrong and how much it will cost to fix.
But many forget to inquire about the consequences of delaying essential repairs. Leaving a small defect (a couple of slipped roof shingles, say) for too long can lead to major damage and huge bills.
And all this is happening when homeowners face high costs across the board. Earlier this week, The New York Post ran the headline, "Cost of owning a home has surged $8,500 a year since the pandemic — dramatically faster than inflation."
"American homeowners in 2025 spent about $28,500 per year on basic ownership costs, on average," said the report. "That’s up from the $20,000 the same things [cost] just six years earlier in 2019, before the pandemic."
Too much? Not according to the survey respondents, of whom "93% say they're glad they bought anyway."
