Home improvement is a process that involves making improvements to the interior and exterior of your home. The process is also known as home renovation or remodeling. It is an excellent way to make your home more comfortable and attractive to you and your family. Whether you want to update the look of your kitchen, bathroom, or exterior, home improvement projects will help you achieve your goal of a better home.
Millennials are buying homes
According to a recent Bank of America Research study, homeownership is more important to millennials than marriage and children. As a result, more couples are buying homes together before they get married. However, buying a home alone is not as attractive. Furthermore, 40% of young people who are not in a relationship earn less than their peers.
Millennials are the largest group of homebuyers in the United States. They have a completely different view of the housing market and homeownership compared to previous generations. They have experienced the financial calamity of the Great Recession, and have grown to distrust lenders and the housing market. They also have significant debt, such as student loans.
Millennials are interested in home improvement
There is a growing interest among young Americans in home improvement. Millennial homeowners spend approximately $26,000 per year on home improvement projects. Many of these projects are do-it-yourself initiatives. This trend is criticized by the older generations as they lack focus and humility. However, this generation is more inclined to take on a project if it is not a large investment.
The housing market has taken a beating during the Great Recession, but the millennial generation is now an important part of the workforce and is making its mark on the home improvement industry. According to the National Association of Realtors’ 2019 Home Buyer and Seller Generational Trends research report, millennials make up 37 percent of the workforce. The demographic also tends to be environmentally conscious.
Millennials want to do it themselves
Millennials are embracing the DIY home improvement trend. Despite the economic climate, a recent study has found that nearly two in five Millennial homeowners prefer DIY projects over hiring professional contractors. This trend is expected to continue as the housing market tightens. And home improvement retailers hope that the millennials will continue to embrace this DIY culture.
Millennials are putting in more effort than previous generations when it comes to home improvement. They are completing more home improvement projects than any other generation and plan to spend an average of $15,300 on DIY projects. This trend is partly driven by a desire to save money and keep busy.
Millennials are considering home improvement loans
Millennials are the largest segment of the homebuying market. They are likely to be looking for more ways to enhance their homes, such as installing new countertops or replacing outdated appliances. However, millennials may also have financial concerns, such as the expense of renovations. If that’s the case, they may benefit from a home improvement loan.
While many older homeowners can access home equity loans or cash-out refinancing, newer homeowners may only have a limited number of renovation options. This is because they may not have enough equity in their homes to access home equity loans or lines of credit.