Millennials Are Active Home Remodelers Too

Millennials Are Active Home Remodelers Too


DAILY REAL ESTATE NEWS | FRIDAY, JUNE 12, 2015
As home prices rise, home owners – across all age groups -- are sprucing up their homes again, according to the fourth annual Houzz & Home survey, based on responses from more than 170,000 U.S. respondents and 260,000 respondents globally.
Millennial home owners were found to be just as active when it comes to remodeling as other generations. The key motivation for renovation projects among the 25-34-year-old crowd is making a newly purchased home their own.
"While still a small group, millennial home owners are just as active as older generations when it comes to renovating and decorating," says Nino Sitchinava, principal economist at Houzz. "Because of delayed home ownership, we have historically known very little about their preferences when it comes to their home updates. However our data show that millennial views on resale value, energy efficiency, healthy homes, and other factors are similar to those of older generations."
Among all age groups, kitchens are the dominant interior remodeling project, with nearly one-third of home owners surveyed planning kitchen remodels in 2014.
Millennial home owners spent an average of $26,300 on major remodels of a large kitchen, considered more than 201 square feet, and $16,100 for major remodels of a small kitchen, less than 201 square feet. On the other hand, baby boomers spent an average of $45,200 on major large kitchen remodels and $38,700 on small kitchen remodels.
The majority of home owners surveyed said they hired a professional to help with their remodeling projects. Nineteen percent of home owners were also likely to hire landscape contractors, 12 percent used interior designers, and 10 percent each used architects or landscape architects/designers.
One of the top challenges identified in renovations is finding products and professionals among all generations. millennials said the biggest challenge is staying on budget with their remodels.
The majority – across generations – used savings or personal finances to pay for their home upgrades. However, one in three millennials charged renovation expenses to a credit card versus 25 percent of other generations.

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