Synchrony, a leading consumer financing company, officially launched of its first-ever Lifetime of Home Care study, which reveals U.S. homeowners underestimate the true cost of maintaining a home by more than $250,000. According to the research, U.S. homeowners estimate lifetime home maintenance and repair costs at just $70,000, while actual expenses exceed $339,000.
This misalignment comes at a time when rising homeownership costs and aging housing stock are pushing repair needs and their financial impact to the forefront—Redfin reports that the typical home bought in the U.S. hit a record age of 36 years in 2024.
Synchrony’s research supports this.
- Nearly half of homeowners have delayed or canceled repairs due to economic pressure, driving higher long-term costs – additional research from UpKeep says that deferred maintenance costs compound by 7% annually.
- 7 in 10 homeowners lack adequate repair reserves
Here is a link to the research: New Synchrony Study Finds Homeowners Underestimate Lifetime Home Maintenance and Repair Costs by More Than $250,000.
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