With inflation at an all-time high, it's no surprise that the price of everything is increasing. In this post, we'll look at how inflation has affected how much a new roof will cost homeowners.
Cost For New Roof and Roofing Material Have Skyrocketed
Asphalt shingles, clay tiles, slate, and other roofing materials have all increased in cost. The price of asphalt shingles has gone up 20-40 percent since the end of 2016 and is expected to increase even further this year. Clay tile prices have gone up over 50 percent while slate prices have increased over 30 percent in that same time period.
Asphalt shingle manufacturers use oil as an input in their manufacturing process so when the price of oil goes up, so does the cost of asphalt shingle production. Which increases its price at retail outlets, like home centers or roofing supply stores.
Roof Replacement Cost
The pandemic has caused certain supplies to become scarce. Labor shortages mean that workers are in high demand, which means they can charge more for their services. The cost of materials has also increased due to the same supply and demand principle.
Rising labor costs have made hiring a roofer more expensive.
How will rising labor costs affect how much a new roof costs?
The answer to this question is fairly straightforward. First, you must understand why labor costs are rising. There are several factors at play here, but the most important ones are:
- The pandemic of 2022 (aka “the Fall”) caused massive job losses in many industries and triggered a recession that may last until 2024.
Roof Cost is Now High...and it will only get higher.
With inflation at an all-time high, the cost of a new roof will only continue to increase. If you're thinking about getting a new roof, it's best to do it sooner rather than later. The longer you wait, the more expensive it will be.
Do You Need a New Roof?
The cost of materials is rising. The cost of labor is rising. The cost of advertising is rising. The cost of living is rising, and your roofer needs to be able to make a profit in order to stay in business. If he can't, then he won't be able to do any more work for you in the future and you'll have no choice but to start looking for another contractor who can help you out with your next project—which may end up being even more expensive than what it would have been had inflation not occurred!
New Roof Cost Per Square Foot
The average cost of a new roof is now between $14,000 and $15,000. This number will only continue to increase as inflation rates rise. If you're thinking about getting a new roof, it's best to do it sooner rather than later. The longer you wait, the more expensive it will be. Instead of waiting for the spring season to change your entire roof, roof replacement costs will keep being on the increase, asphalt shingle roofing costs will also rise.
Homeowners shouldn’t be discouraged, however, as there are still plenty of roofing options that offer excellent value. A new roof is a significant investment, but with the right roofing materials and installation techniques, it will last for decades. Roof installation costs will also be on the increase but there are still ways to get a good deal.
Metal Roof Cost Estimate
If you're looking for a roofing material that will last a long time, metal roofing is an excellent option. Metal roofs are known for their durability and longevity. They can last up to 50 years or more, making them a great investment for your home.
The cost of metal roofing has gone up in recent years, but it's still a relatively affordable option. The average cost of metal roofing is between $6,000 and $8,000. This is a significant investment, but it's one that will pay off in the long run.
Location and Roof Size Matter
The cost of a new roof will vary depending on the size of your home and its location. The average cost of a new roof for a 1,500-square-foot home is between $14,000 and $15,000.
The type of roof you choose will also affect the cost.
Existing roof repair and roofing costs will depend on your roof features including roof ventilation, roof type, and the number of stories on your house.
Partial Roof Replacement
Due to inflation rates, the cost of a partial roof replacement will continue to increase as well. If you're thinking about getting a new roof, it's best to do it sooner rather than later. The longer you wait, the more expensive it will be.
The average cost of a partial roof replacement is between $5,000 and $10,000. This includes the cost of materials and labor. If you have a larger home, or if you live in an area with a high cost of living, the cost will be on the higher end.
Get a Free Roofing Quote From Homestead Roofing
If you're thinking about getting a new roof, contact Homestead Roofing today. We are a roofing company that offers free quotes on all our roofing services. We'll come to your home, inspect your roof, and give you a quote for the work that needs to be done. Contact us today to get started!
Conclusion
We know it’s not easy to decide whether or not you should replace your roof. But if you do, now is the best time to get it done. With so many new technologies and advancements in the industry, today’s roofs are stronger, more durable, and last longer than ever before.
