New analysis of the American Housing Survey (AHS) from the Harvard Joint Center for Housing Studies (JCHS) indicates that homeowners struggle to maintain their aging homes.
As the nation’s housing stock sits at an average of 42 years old, home maintenance is necessary to keep residences comfortable and functional. As 29% of low-income homeowners live in houses built before 1960, the maintenance repairs often required of older homes, such as roofing, siding, windows, insulation and HVAC, are more costly than cosmetic remodeling.
“Regardless of building age, higher-income homeowners consistently outspend lower-income owners on home improvements and repairs,” said Sophia Wedeen, Senior Research Analyst at JCHS. “Indeed, lower-income homeowners in the oldest homes spent less than higher-income owners living in the newest homes, even though newer homes are earlier in their replacement cycles and less likely to need major repairs.”
If the homeowners cannot afford to make these necessary investments, what will happen?
Recent legislative efforts are attempting to extend some help to this issue. With the 21st Century ROAD to Housing Act, now law, one of the most important pieces in the bill is Sec. 202- the Whole-Home Repairs Act. The act establishes a whole-home repairs program within HUD to administer grants and forgivable loans for these projects.
