Cost of repairs and renovations adds thousands of dollars to homeownership

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

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Here’s why the cost of home renovations are rising

Homeowners planning major renovations this year could face sticker shock. 

The price of construction and building materials rose 3% in February from a year ago, labor data shows. But some items have  skyrocketed. The cost of construction bricks has jumped 25%, while general contractors are charging more amid a shortage of skilled workers, Wall Street Journal reporter Rachel Wolfe told CBS News.

“That has led to these projects just dragging out and dragging out,” she said, adding that some Americans are just “living in these half-finished houses among piles of construction debris because there just aren’t enough workers to finish

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