Millennials are now the largest generation of homebuyers in the U.S.
But, with prices for homes reaching record-highs, millennials are increasingly turning to fixer-upper homes as an affordable way to embark on the journey of homeownership. According to Bank of America’s sixth annual millennial home improvement survey, more than three-quarters (82%) of millennials say they’re most likely to buy a fixer-upper home than a newly built one.
So, with most millennials buying older homes that need renovations, what exactly are they doing for improvement projects?
Here are some key findings from the 2021 New Mover Trends Report from Porch and V12, as well as insights from other research reports conducted on the topic.
Millennial New Movers & Home Improvement Projects
84% of Millennial New Movers Say They’re Doing Home Improvement Projects
With the majority of millennials buying older homes, renovations are turning out to be a large part of their homeownership experience. Top home improvement projects millennial new movers are involved in include painting (41%), redecorating (37%), kitchen remodeling (39%), landscaping (34%), and bathroom remodeling (37%). Other home improvement projects they’re planning include updating flooring, (32%), adding a deck/patio (32%), expanding a living space (30%), and installing a pool/hot tub (28%).
Millennial New Movers are Willing to Try New Brands for Home Renovation Supplies
When it comes to improving their new homes, 92% of millennial new movers overall are open to trying new brands for any item. Here are items in the home improvement category that millennials are willing to try new brands for:
- 34% home improvement and repair supplies (for example, wood, caulk, paint)
- 23% flooring
- 26% landscaping/lawn equipment
- 24% windows
Millennial New Movers are Willing to Try New Service Providers
Overall, 90% of new movers are willing to try new companies for any services. Millennials buying fixer-upper homes must find contractors and other professionals to improve the value of their homes. As a result, millennials are seeking new service providers for a broad range of projects such as windows installation (20%), home remodeling and repair services (18%), landscaping and lawn care maintenance (18%), flooring installation (17%), and roof installation (18%).
Millennials are More Likely to Pursue DIY Home Improvement Projects
In the era of YouTube tutorials and countless DIY blogs, it makes sense that the generation of digital natives has a knack for taking on DIY home improvement projects. According to a poll of 2,000 homeowners conducted by OnePoll in conjunction with Bernzomatic, millennials have been the busiest with home improvement projects with 81% tackling a home improvement project since March of 2020.
But, not all DIY home improvement projects pan out as expected. Many of the costs involved with home renovation have skyrocketed due to the series of shortages and shipping delays, making it difficult to find supplies that are in-stock and affordable. According to an annual survey, BofA found that half of millennials (52%) who started their home improvement projects within six months of moving, mainly completed smaller home improvement projects like painting and landscaping. But for larger, more complicated projects like roofing renovations, bathroom and kitchen remodels, millennials are more likely to seek out the help of professional contractors.
New Millennial Movers are Seeking Home Improvement and Repair Service Providers Prior to Moving
New movers make several important purchase decisions before the move is completed, including seeking providers for various home improvement projects. Here are some of the home improvement services new millennial new movers are seeking out prior to moving:
- 45% roof installation
- 41% flooring installation
- 38% windows installation
- 32% home remodeling and repair
- 40% landscaping/lawn care
- 38% windows installation
New Millennial Movers are Purchasing Home Improvement Items Before Moving
In addition to finding contractors to help with various home improvement projects, millennials are also purchasing items to renovate their homes before move-in day. Here are some of the home improvement items millennial new movers are purchasing before moving:
- 46% home improvement and repair items
- 45% flooring
- 43% windows
- 37% landscaping/lawn equipment
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