PALO ALTO -- A recent report from Houzz, a leading platform for home remodeling and design, says that Millennials are active renovators and are just as likely as any other age group to engage in projects like remodeling their kitchens.
The 2015 Houzz & Home Survey found that Millennial homeowners tend to limit their spending on those kitchen remodels (not including additions) to $10,100, on average, across all project sizes, compared to $17,000 for other generations.
“While still a small group, Millennial homeowners are just as active as older generations when it comes to renovating and decorating,” said Nino Sitchinava, principal economist at Houzz. “Because of delayed homeownership, we have historically known very little about their preferences when it comes to their home updates. However our unprecedented data show that Millennial views on resale value, energy efficiency, healthy homes, and other factors are similar to those of older generations.”
For U.S. millennial homeowners, one of their top motivations is remodeling a newly purchased home.
Other key findings from the report include:
Challenges: When it comes to the challenges all homeowners face during renovations, finding products and professionals top the list (both at 33 percent). However,
staying on budget is the biggest challenge for Millennials (38 percent versus 29 percent for younger Baby Boomers). Millennials are also nearly twice as likely to struggle with funding their renovation projects as younger baby boomers (37 percent versus 19 percent, respectively).
Financing: Cash remains king -- all generations leveraged savings or personal finances to pay for their home upgrades (90 percent).
One in three Millennials charged renovation expenses to a credit card (32 percent), versus 25 percent for other generations.
Aging in Place: Over half (56 percent percent) of 60+ households plan to stay in their homes indefinitely, with many renovating their homes for this purpose. Of the 60+ households renovating their kitchens, 60 percent are improving accessibility. Similarly, 69 percent of
the 60+ homeowners renovating their bathroom are updating with aging in mind, including installing raised toilets (38 percent) and grab bars (26 percent).
Smart Technology: 25 percent of renovating homeowners rank smart home tech as a very-to-extremely important consideration for recent renovations. One in four installed home automation systems as part of a renovation in 2014.
Healthy Home: Homeowners are divided on the importance of addressing and preventing health concerns in 2014 renovations. While two in five of U.S. homeowners rate health concerns as very-to-extremely important, one in five rate them as entirely unimportant. Addressing health
concerns during renovations becomes less important as household income increases.
The Houzz & Home Survey was sent to registered users of Houzz and fielded in February-April 2015. The Farnsworth Group, an independent market research firm, conducted the survey.
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