State of Home Survey Also Found Many Homeowners Continue to be Financially Unprepared for a Home Emergency Repair
Norwalk, CT – August 22, 2023 – Subscription services are available for almost anything – from everyday things like television and clothing to more niche offerings like flowers and beauty products – and everything in between. The popularity of these subscriptions was confirmed in the latest HomeServe State of the Home survey.
The survey found that almost nine out of 10 respondents (88.7%) have a TV entertainment streaming subscription, while more than half (51%) use a subscription music service and rounding out the top three categories, almost a quarter (23.8%) have a subscription gaming service.
Other subscription services that topped the list of the most popular were online news and books (19%), meal or food delivery (17%), and beauty and spa (10%). Additionally, household furry friends and creatures will be happy to know that 12% of respondents have a pet supply or pet treat subscription.
When asked why they pay for a subscription service, making life easier (49%), cost savings (42%) and the fun factor (34%) topped the list.
Home Repair Emergencies and Financial Preparedness
The survey dug into the most frequent types of home repair emergencies and looked at homeowners’ ability to pay for these inevitable repairs.
Almost three-quarters (70%) of homeowners reported having one or more home repair emergencies in the past 12 months, a figure higher than ever reported since HomeServe began conducting the survey in 2015.
Home heating/cooling emergencies topped the list with 28% of homeowners reporting having one in the past 12 months.
Other home repair hassles included water heater troubles (19%); blocked/overflowing toilets (19%); and leaking water pipes (18%).
The trend continues, which has been identified in all previous versions of the survey, that one out of seven homeowners (14%) have no funds at all set aside for an emergency home repair.
Almost one-third (31%) of homeowners said they have $500 or less or nothing set aside for an unexpected repair.
Will I be able to find a good contractor to complete my repair when an emergency strikes? This is a question that homeowners often find asking themselves as the availability – or lack thereof – of qualified electricians, plumbers and other skilled workers has been well documented in recent years.
The survey examined some of the perceptions around skilled trades, including perceived starting salaries and whether the U.S. education system places too much priority on four year college paths versus promoting skilled technical training to more students.
When asked what they thought the starting yearly salary of a skilled tradesperson (e.g. electrician, plumber) is, 8% thought it would be less than $25,000 and 17% guessed it would be between $25,000 and $35,000.
According to ServiceTitan.com, the average annual base salary for an entry-level electrician is $53,600. Salary varies state-by-state with the highest starting salary being in Minnesota at over $60,000 a year. With just seven years of experience, electricians in many states can expect to make well over $100,000 a year. Entry-level plumbers can expect to make almost $50,000 a year with that number quickly increasing to almost $60,000 with just two years of experience. And, finally, the starting salary for entry-level HVAC technicians is $52,000 and rises to over $88,000 with seven or more years of experience.
The survey also gauged perceptions of whether U.S. high schools give the appropriate amount of attention to non-four year college post-high school options, like skilled trades. More than half of respondents (57%) thought that the appropriate amount of attention was either not or probably not given to education about the skilled trades.
This survey was conducted on July 10, 2023, by HomeServe, using SurveyMonkey Audience. HomeServe’s survey received 2,300 responses from adults in the U.S. age 18 and older, of which 1,796 were homeowners. The sample of respondents was balanced by gender and region. For more on the SurveyMonkey Audience panel, please visit: https://www.surveymonkey.com/market-research/data-quality/.
HomeServe USA Corp. (HomeServe), the leading residential infrastructure repair services company with nearly 5 million customers across North America, protects homeowners against the expense and inconvenience of plumbing, electrical, HVAC and other home repair emergencies. HomeServe empowers its over 1,200 leading municipal and utility partners to educate, protect and advocate for their customers who are faced with home repair emergencies.
Through its network of skilled, locally based technicians, HomeServe makes a repair or install in a customer’s home every 34 seconds. HomeServe is also a leading installer of residential HVAC systems and has installed over $100 million dollars’ worth of residential efficiency upgrades over the past twelve months.
HomeServe has an exceptional customer satisfaction rating, is accredited by the Better Business Bureau and is endorsed by the National League of Cities. For more information about HomeServe and to get the latest home repair advice and customer stories, please go to www.homeserve.com. Connect with HomeServe on Facebook and Twitter @HomeServeUSA, Instagram @HomeServe_USA and on LinkedIn @HomeServe-USA. For company news, follow on Twitter @HomeServeUSNews.
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