Houzz Has New Data on Millennials’ Home Buying and Renovation Habits

June 11th, 2015 by Casey Flores

According to a new Houzz & Home survey, Millennials aren’t that much different from other age groups in what they do with their houses.

The survey, which received more than 15,000 U.S. Millennial homeowner responses (ages 25-34), revealed that a key motivation for renovation projects among the generation is to make their newly purchased home their own (55 percent), with one-third purchasing a new residence in 2014 alone.

“While still a small group, Millennial homeowners are just as active as older generations when it comes to renovating and decorating,” says 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.”

The vast majority (84 percent) of all homeowners hired a professional to help with their remodeling projects, and nearly half of those used a general contractor (44 percent). Homeowners were also likely to hire interior designers (12 percent), architects and landscape architects/designers (10 percent each).

Additional key U.S. findings from the 2015 survey include:

  • Good help and budget health.

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).

  • Cash verses the card.

Cash remains king, as all generations leveraged savings or personal finances to pay for their home upgrades (87 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.

  • Homes are getting smarter.

Twenty-five 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.

  • They’re also getting healthier.

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 2015 Houzz & Home study includes more than 260,000 respondents worldwide, providing insights into the home improvement activity of the more than 30 million monthly unique users of the Houzz site and mobile apps.

The full report is available at here.

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