4 Home Service Market Trends to Look Out For

By Evelyn Witterholt.

Here are 4 major takeaways from Angi’s 2022 The Economy of Everything Home report.

Recently, Angi released The Economy of Everything Home report about yearly trends in the home service market, noting the growth they’ve seen in the last year. This comprehensive report covers everything industry professionals need to know about home service market growth, house buying trends and homeowner demographics.

Staying up to date on trends in the home service market is important because then you’ll know exactly how to market your services to potential customers. Here are four trends from Angi’s report your business should keep an eye on:

1 - Slow but steady growth rate

So far this year, the Total Addressable Market (TAM) for 2022 has seen a growth of 10% or $657 billion (that’s the same size as Sweden’s economy!). While this is down from last year’s 18% growth rate, this does not necessarily mean the market is shrinking. As the report explains, the major growth the industry saw last year was largely due to increased consumer spending during the pandemic which has since slowed down. Angi assures readers that this spike in growth we saw last year is hard for any market to sustain. They also state that this reduction in growth does not mean a reduction in the overall market.

2 – Single family houses are the most popular

The most popular type of home are single family houses and there are an estimated 93.5 million single family homes in America. With all other types of homes combined (apartments, tiny homes, etc.), single family homes outnumber them by more than 2 to 1. This is an important trend to be aware of for roofers especially because these homes have larger roof to livable volume ratios, meaning more roof replacement jobs. 

3 – Home spending is up

With homeownership rates up from the great recession, home spending rates are increasing as well. Angi also found that homeowners spend over twice as much on home improvement projects than renters.

4 – Remodeling on the rise

Although high interest rates have hurt home sales, they have also made it less desirable for homeowners to upgrade their living space by moving into a nicer home. Many homeowners have turned to remodeling their existing homes as they see it as a better deal in the long run.

Read The Economy of Everything Home complete report.

Learn more about Angi in their RoofersCoffeeShop® Directory or visit pro.homeadvisor.com

About Evelyn

Evelyn works as a writer for RoofersCoffeeShop, MetalCoffeeShop and AskARoofer. When she isn’t writing about roofing, she’s either at the gym lifting weights or curled up on the couch watching a movie.