Millennials just as likely as other homeowners to remodel
Posted on Thursday, June 18, 2015 at 11:24:05 PM
A survey released this month found that millennial homeowners are just as likely to seek home improvement financing as people of any other age group.
Of the 15,000 millennial respondents to the Houzz survey, 55 percent indicated that they sought to remodel their homes to make them "their own." Homeowners within this demographic spend an average of $26,300 on major remodels for kitchens over 201 square feet, and an average of $16,100 for major overhauls of kitchens smaller than 201 square feet.
While Baby Boomers typically spent much more on these sort of remodels, both generational cohorts were just as likely to seek home improvement financing for their kitchens
"Because of delayed homeownership, we have historically known very little about their preferences when it comes to their home updates," Nino Sitchinava, principal economist at Houzz, explained. "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."
While millennials are just as likely to initiate home improvement projects as homeowners of other generations, they also often struggle with paying off their major remodels. They were twice as likely to have trouble staying on budget than Baby Boomers. While younger homeowners are certainly willing to kickoff remodeling projects, chances are they will need help with the home improvement financing.