URGENT UPDATE: The U.S. is grappling with a staggering $1 billion home repair crisis as sales and renovation activities cool down significantly. New reports confirm that rising interest rates and tighter budgets are pushing homeowners to delay major remodeling projects, leading to a surge in unfinished home repairs.
According to a recent national survey by Ace Hardware, a shocking 87% of U.S. millennial homeowners have at least one unfinished project, while 84% admit to postponing necessary repairs. This trend comes as big-box retailers like Home Depot and Lowe’s have already warned of slowing sales earlier this year.
During the National Simplify Your Life Week (August 4–10), Ace Hardware revealed that millennials are increasingly seeking assistance with smaller projects, including painting and tile installations. “There’s a real sense of frustration that comes from walking past the same unfinished projects every day,” said Jason Hipskind, President of Plumbing, Heating, Cooling, and Electrical for Ace Hardware Home Services.
As homeowners become overwhelmed by their growing to-do lists, Ace Hardware is positioning itself to fill this gap. The company has expanded its home services across 48 states, providing a one-stop solution for everything from plumbing to HVAC, which traditional competitors like Home Depot and Lowe’s do not offer under their brand.
The survey highlights a significant shift from DIY repairs toward hiring professionals, especially for complex issues. Among those surveyed, 66% want help with electrical problems, 62% with heating and cooling, and 60% with plumbing. Alarmingly, 51% of respondents report that the stress of incomplete projects is affecting their daily lives, and 57% avoid using parts of their homes due to unresolved repairs.
Hipskind noted that more homeowners are finally tackling those “I’ll get to it someday” projects, particularly those that protect their most valuable asset—their home. “We’re seeing a pivot toward addressing small yet significant repairs that extend the life of their home,” he added.
Ace Hardware Home Services is not just a referral platform; it employs its own vetted and insured workers for small projects such as drywall repairs, cabinet installations, and TV mounting. This differentiates Ace from competitors who rely on third-party contractors.
Services offered by Ace include:
– Handyman: Drywall fixes, deck repairs, furniture assembly
– Painting: Interior, exterior, deck staining, and more
– Plumbing: Toilet repair, water heater installs, drain cleaning
– HVAC: Furnace and AC service, heat pumps, system tune-ups
– Electrical: New outlets, lighting, EV charger installation
“As a retailer cooperative, Ace supports over 5,000 U.S. store owners, many in underserved areas where demand for local help is high,” Hipskind explained. By incorporating services into its hardware lineup, Ace is deepening customer relationships and generating recurring revenue in a challenging retail climate.
In an age where large renovations are being reconsidered, Ace Hardware is banking on the notion that consistent, small-scale assistance from local professionals is the future of home improvement. “Even in a softer market, Ace remains strong because we’re locally owned and deeply connected to our communities,” Hipskind stated.
As the home repair crisis unfolds, homeowners are urged to act swiftly to address their unfinished projects before they escalate, with Ace Hardware poised to provide essential support in this critical time.