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Key points
- 85% of homeowners saw price hikes in at least one household service or utility category in the past year.
- 93% of U.S. homeowners worry about the impact of inflation on their monthly household spending.
- To reduce costs, 73% of homeowners turn off lights when not in use and 53% utilize energy-efficient bulbs.
- ⅓ of homeowners are considering alternative energy and transportation options to reduce their energy costs.
American homeowners are feeling the impact of record-high inflation on their monthly household expenses. In a new SaveOnEnergy.com® survey of 1,012 adult homeowners, 62% say their electricity bills are higher this year than last year.
As the consumer price index ticked up to 8.6% in May from a year ago, 85% of homeowners have noticed an increase in overall household expenses over the last year. An overwhelming majority (93%) of those who own a home are concerned about the impact of inflation on their monthly household expenses, while 7% are unconcerned.
When asked which household expenses have increased year-over-year, homeowners are most likely to say electricity (62%). Fewer say payments for water use (44%), utility gas service (44%), and cable services/TV subscription (43%) have increased.