According to Bankrate, 19% of homeowners are going into debt to maintain their homes.

Homeowners are in a perfect storm of sorts, with a housing market in which the best option is usually to stay in an aging house.

What You Need To Know

  • Homeowners are recommended to save 1% of of the values every year to cover home repair costs

  • Some recommend to keep the savings in a federal money market fund, as earnings will be exempt from state tax

  • Some maintenance companies offer interest-free financing if you haven't saved for a urgent project

Jim and Mary Jane Heinz love their home and community. With the current housing market, moving isn’t an option anyhow. So they currently are spending thousands on home repairs.

"Well, our home is turning 25 years old, so we knew our roof was going to be a big expense," says Mary Heinz. "We would rather put the time and money and effort into upgrading what we have here rather than look somewhere else. We’re very, very happy here.”

Home maintenance may be the better financial option, but it is still a major money decision for homeowners.

“If we did our roof five years ago, it would’ve cost maybe half of what it costs now," Jim said. "Everything in general has gone up close to double.”

Elijah Pacini has worked in construction for decades and owns Melo Roofing. He says prices continue to rise so he recommends homeowners financially plan for home repairs.

“We’ve had increases from the major billion-dollar corporations. We have another [increase] coming [in] August," says Pacini. "The reality is you’re not going to save as much, as this stuff keeps going up in a 12-month or a two-year span.”

Ethan Gilbert, a local certified financial planner with Rialto Wealth Management, says homeowners should save 1% of their home’s value for repairs each year.

“If your home was $250,000 five years ago, that meant you needed to save $2,500 toward home repairs each year," Gilbert said. "You might go a year where you only spend $500 on home repairs, but you have the extra $2,000, and that rolls over. ... You’ll see that that kinda corresponds to the cost of getting a roof from $15 to $25,000."

“If you do need it, get it done now. It’s not your kitchen. It’s not your bathroom. But it does protect all those things, right?" said Pacini. "It does protect you, your family, your pets and your kids.”

The Heinzes recommend doing your research and making plans so home repairs don’t have to be a financial hammer.

“Typically, we recommend saving that in a federal money market fund or a treasury bill. The interest is exempt from state income tax," Gilbert said.

Another way to save money, the Heinz family suggests, is tackling smaller home improvement jobs yourself with the help of professionals on the internet. They say they have been able to add a new backyard fence and new stair spindles themselves.