Millennials Investing in Home Renovations

An MReport article highlights the data from a survey by Angi, which found that there is an increase in millennials investing in renovating their homes. A recent survey has shown that a large number of millennials purchased homes needing more renovations than they intended, and if they did not spend more than their budget when they bought the home, they were likely to renovate. Since the pandemic, home buying priorities, intentions, challenges, and experiences have changed dramatically. The report included that in search for more space, homebuyers prioritized location and family considerations over job security. The CEO of Angi, Oisin Hanrahan commented that COVID has influenced millennials to focus on family considerations and safety/stability when searching for a home. Paired with the low inventory levels, over half of millennials ended up purchasing homes that need renovations. Additionally, Oisin Hanrahan points out that, “Homes are many people’s greatest investment and due to the pandemic, we’re spending more time in those homes than we ever anticipated. Understanding how the pandemic impacted the buying behavior of such a large, influential demographic will help Angi to better provide the services and support they need as new homeowners”.

WHAT ELSE DID THE SURVEY FIND?

About 70% of millennials surveyed reported that the pandemic played a role in their decision to purchase a new home. 27% even stated that it was the primary factor in their decision. In addition, it was revealed that the pandemic caused 56% of respondents to want more space and 53% want a more peaceful place to live. In regards to employment, the survey discovered that 16% found new employment that would allow for working remotely, 17% moved in hopes to remain remote post pandemic, and 30% remained working their same job at home. In addition, 17% found new employment after they were laid off due to COVID and 20% moved because they found new jobs. Over half of the surveyed millennials purchased a home that would require either minor or major renovations. Only 42% began their search with the intention of moving into a home that needed work. 46% reported that they have already spent more than they budgeted on renovations within the first year. Finally, the report included that 70% of homeowners are hiring professionals to do part or all of their renovations and a large amount were satisfied with their hired professional help.

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Click here to read the full Angi survey findings and learn more!