Report: Renovation Spending Up for Younger, First-Time Buyers

May 5th, 2017 by Editor

Renovation spending among younger homeowners is on the rise amid a strong renovation market, the 2017 Houzz & Home research report reveals. Among the report’s key findings: Younger homeowners and first-time buyers are driven at least in part by a desire to customize their homes.

The survey gathered information from close to 107,000 registered users of Houzz, including nearly 56,000 homeowners who renovated in 2016.

Homeowners spent an average of $60,400 on their renovations in 2016, close to their average spend of $59,800 in 2015, the Houzz survey found.  Notably, millennial homeowners (defined here as those ages 25 to 34) invested 7 percent more in their home in 2016 compared with 2015, bringing their average spending level to $26,200.

First-time buyers also bumped their spending level last year, averaging $33,800, up 22 percent from 2015. By contrast, long-term owners saw just a 3 percent rise in average spending year over year (YOY).

While younger and first-time buyers are trending upward in their spending, older homeowners still spend far more on their home renovations than the younger group. In fact, those ages 55 and older spend about three times the amount of those ages 25 to 34.

The top triggers for starting a renovation project in 2016 were finally having the time, cited by 37 percent of homeowners who renovated, and finally having the money, cited by 36 percent.

Another big motivator was purchasing a new home and wanting to customize it, cited by 27 percent of participants.

Follow this link to read the full report.

Tags: , ,

Leave Comment