Monthly mortgage payments aren’t the only recurring cost tied to owning a home. Money spent on maintenance, renovations and repairs, particularly for older houses, can easily cost homeowners thousands of dollars.
The median amount Americans spent on home renovations in 2022 was $22,000, according to home improvement website Houzz. That’s up from $14,000 in 2018. Among the top 10% of homes that spent the most on renovations last year, the median spend was $140,000 or more.
Experts in residential construction told CBS MoneyWatch that no homeowner can escape home maintenance because appliances eventually break down and weather erodes parts of