Deferred Maintenance Rising as Homeowners Face $400K+ Lifetime Repair Costs
Key Highlights
- Homeowners underestimate lifetime maintenance costs by more than $250,000, creating ongoing budget gaps
- Nearly half of projects are delayed or canceled, increasing future repair scope and cost
- 75% of homeowners face emergency repairs, but most lack savings—opening the door for financing-driven project approvals
STAMFORD, CT — A new national study from Synchrony shows homeowners are significantly underestimating the true cost of maintaining and repairing their homes—creating growing opportunities and challenges for contractors in the field.
Synchrony’s Lifetime of Home Care study found that while homeowners expect to spend about $70,000 on maintenance over a lifetime, actual costs exceed $339,000 for routine upkeep alone—and can surpass $418,000 when emergency repairs are included.
“At a time when homes are older and more expensive to maintain, many homeowners are unprepared when it comes to understanding and planning for the real cost of maintenance and repair,” said Curtis Howse, EVP and CEO, Home & Auto, at Synchrony. “Our Lifetime of Home Care study reveals a critical disconnect between perception and reality and highlights why greater awareness of costs and flexible financing solutions are essential to keeping homes safe, sound and livable over time.”
Maintenance Costs Outpacing Expectations
For contractors, the data reinforces what many are already seeing in the field: rising service demand paired with customer hesitation.
Homeowners estimate annual maintenance costs between $1,000 and $5,000, but actual expenses exceed $7,000 per year. At the same time, nearly half of homeowners (48%) have delayed or canceled projects due to economic pressure—often turning smaller issues into larger, more expensive repairs. More than 90% of homeowners report outstanding maintenance needs.
Emergency Repairs Driving Urgent Service Calls
The study also underscores the inevitability of emergency work—an area where contractors frequently see high-margin, time-sensitive jobs.
Seventy-five percent of homeowners have experienced an emergency repair, and 40% of those incidents cost more than $3,000. Despite this, 7 in 10 homeowners lack sufficient savings to cover unexpected repairs.
This gap often leads to delayed decisions, partial fixes, or reliance on out-of-pocket payments, even when financing options are available.
Financing Gap Creates Missed Opportunities
While awareness of contractor financing is relatively high—three in four homeowners know it exists—only one in three has actually used it.
That disconnect represents a missed opportunity for contractors to close jobs faster and reduce project delays by proactively offering financing at the point of sale.
Synchrony’s Project Card is positioned as one such solution, giving homeowners access to promotional financing, manageable monthly payments, and a streamlined application process through a network of contractors nationwide.
Helping Contractors Keep Projects Moving
As maintenance costs rise and housing stock continues to age, contractors are increasingly on the front lines of helping homeowners balance necessary work with budget constraints.
By offering financing options and educating customers on the true cost of ownership, contractors can help prevent deferred maintenance—while keeping schedules full and projects moving forward.
To learn more visit www.synchrony.com.