Repair costs widen the homeowner affordability gap

Home repairs push far more owners beyond a widely used affordability limit. In 2023, the usual calculation classified 22.7 million homeowners as cost-burdened because housing consumed more than 30% of household income. Adding reported maintenance and replacement expenses raised the total to 28.4 million, close to 1 in 3 owners.

The burden looks larger when researchers estimate the upkeep a property likely requires, rather than relying on work owners actually purchased. That method placed 30.8 million homeowners above the threshold. Repairs can be delayed when money is scarce, so low spending may reflect an unmet need rather than a house in good condition. This difference is especially sharp among households making less than $30,000: the modeled share reached 93%, versus three-quarters under the standard calculation.

Older properties add pressure. In 2023, the typical home lived in by its owner had reached 42 years of age; three decades earlier, that figure was 27 years. Among properties dating from before 1960, more than 22% had structural problems. Owners in the top income quintile spent $12,700 on repairs and improvements for these older houses, while those in the bottom quintile spent $3,400. The findings show that purchase payments, taxes and insurance capture only part of what it takes to keep a home financially sustainable.