Home Repairs During COVID Pandemic

Let’s face it Americans are not big savers when it comes to money. By some estimates, as few as 23% of Americans had savings accounts big enough to cover six months of expenses. Then came the pandemic, leaving the question how do Americans save money now? And more importantly can they afford a home emergency and repairs if one hit now.

Cinch talked to more than 1,000 people across the country to find out more about their home-repair capabilities and prioritizations. Are they simply dealing with broken items and forgoing repairs in the home because of that lack of savings?

For the purposes of their study, they allowed respondents to define what “emergency savings,” meant to them. They simply asked if they had what they considered to be an emergency amount, as well as how many months of rent or mortgage they actually had saved. Finally, they took a look at what COVID-19 did to these emergency funds and compared the results by gender and generation.

Highlights Savings in America

More than 1 in 10 people didn’t have emergency savings

Millennials had 6.1 months of rent/mortgage saved up on average

On average, emergency savings decreased by 36.1% since the pandemic began

1 in 5 baby boomers couldn’t afford a home repair right now

Highlights Affording the repair

On average respondents used 44% of their savings to fund home repairs

1 in 4 people couldn’t afford a $1,000 home repair right now

Highlights Fueling financial fears

1 in 3 people were afraid of paying for potential home repairs

48.0% people were afraid of home repairs due to age of the house

4 out of 5 people had plans to save money for home repairs in 2021

Highlights Making it work

61% of people would need to go into debt to afford a serious home repair

23.5% are actively delaying repairing water damage to their home

71% of people were interested in improving their home

Cinch Home Services is an affordable and award-winning home warranty that helps control the costs of appliance and system breakdowns. You can instantly schedule an appointment with a prescreened local service and have someone who is ready to help you fix and save today. Even in a pandemic, you are not alone.

To view the full study visit https://www.cinchhomeservices.com/view-blog/-/blogs/a-look-at-savings-for-home-repairs-during-covid-19