June 18th, 2018
Home Renovations Most Popular Among Millennials
Real estate market experts and industry leaders expected millennials, people born between 1980 and 1994, to be a driving force behind the housing market in 2018. Not only are they making a big splash in the first-time home buyer market, they are also becoming a huge part of home design and renovations.
REALTOR® Magazine reported that millennials are more likely than any other generation to remodel a part of their home, according to a HomeAdvisor’s 2018 True Cost Survey. In the past 12 months, millennials have completed more home improvement projects than any other generation.
HomeAdvisor’s study states that bathroom remodels continue to be the most popular room to renovate, beating out kitchen remodels. Over the next 12 months, millennials envision spending an average of $1,896 on bathroom work, while other generations plan to spend around $500 to $1,000.
As popularity grows for shows on television networks like DIY and HGTV, homeowners are able to see the realistic costs of renovating their home. With online platforms like Pinterest and YouTube, people can see how to actually do the work themselves. These factors could all impact the millennial spike in home renovations.
When looking ahead, studies show that five in six millennials plan to spend as much or more money on home improvements in the coming 12 months, with more than half expecting to spend more than they spent last year.
It’s clear that millennials are becoming more and more significant in the housing sector. Whether they are purchasing inventory or renovating the homes they’re in, they are spending money on house projects. And with the age range of the generation, real estate professionals shouldn’t expect to see a decline any time soon. As Brad Hunter, Chief Economist for HomeAdvisor says, when it comes to the millennial influence in the housing market – we have only just begun to scratch the surface.