Report Indicates 82 Percent of Millennials Prefer Taking on Home Improvement Projects in Dana Point, CA
A recent report by Residential Design Magazine portrays millennials as the home improvement generation, with more millennials seeking to take on home improvement projects in Dana Point, CA and beyond than any other generation before them.
In a survey of homeowners in each of the four generations most likely to be homeowners, 82 percent of millennials said they planned to take on home improvement jobs, topping Generation Xers (70 percent), baby boomers (60 percent) and the silent generation (39 percent). Baby boomers remain the biggest spenders with regard to home improvement projects, but millennials are taking on more of them.
Other surveys have provided the same results. In a HomeAdvisor 2018 True Cost Survey, millennials were twice as likely as baby boomers to perform bathroom and kitchen remodeling projects on their homes, and significantly more likely to build decks or porches on their property and paint the exterior of a home.
What do these findings mean?
The big takeaway here is that millennials are not shying away from home improvement projects like previous generations might have. While previous generations were more likely to sell their homes and move “up” to bigger, fancier and more luxurious homes, millennials are more likely to stay in place and remodel their existing home.
There are several reasons for this. Homeowner equity has doubled over the last six years, which gives people more financial confidence to make upgrades in their homes. There is also an overriding sense of reluctance among millennials to sell off their investment so quickly after they make it. Fewer millennials are purchasing homes than people in previous generations, and those who do tend to stay in those homes, suggesting they’re entering into a mortgage having put a significant amount of thought into making a long-term commitment to their home.
The idea of the “starter home” seems to have gone out the window. Instead, many millennials seem to be satisfied with purchasing older homes in need of repair. A large part of this is due to how many millennials are simply unable to afford homes to begin with. If homeownership is going to be a realistic possibility for many millennials, then they’re going to have to be willing to take on “fixer uppers.”
The kinds of remodeling jobs the generations are taking on also differ. Homeowners in their 60s and older tend to add more touches of luxury and convenience into their homes, while millennial homeowners in their 30s are seeking to make their homes more efficient and improving the infrastructure of their houses.
But in general, millennials are more likely than any other generation to fix up any part of their home, and more likely to take on multiple projects at once. In fact, five in six millennials in the survey indicate they will spend as much or more on home improvement projects in the next 12 months as they did in the previous 12 months.
For more interesting information about these surveys, or to discuss potential home improvement projects in Dana Point, CA, contact Evers Construction today.