Home Improvement Trends for the Millennial Generation
The home improvement industry continues to grow, driven by a growing percentage of high-income homeowners. According to a recent study by the Harvard Joint Center for Housing Studies, nearly half of all households with under-35 homeowners had an annual household income of $80,000 or more. As this demographic grows, so will the amount of money available for decorating and personalizing homes. With the rising numbers of Millennials and baby boomers who will be spending time in the home, there’s good news for the industry.
Despite the increasing costs of hiring a professional, most homeowners plan to do some of the work themselves. In fact, over 90 percent of DIYers plan to spend more time on their home improvements in 2021 than they did last year. In addition, home improvement has become a popular hobby among Millennials, who are buying older homes and are therefore more likely to need repairs. The Millennial generation is projected to increase home equity in the next several years, boosting the industry.
The Millennial generation is the next generation to be moving into older homes that need more work. According to research by HomeAdvisor, Millennials are more likely to perform home improvement projects than any other age group, and they will lead to billions of dollars in home improvement spending over the next several years. The Millennial generation will continue to be responsible for increasing home equity and creating jobs for themselves. So, get to work and start making improvements today.
In the home improvement industry, the term “do-it-yourself” means doing a lot of the work yourself. But hiring a professional for major projects isn’t always a bad idea. The average homeowner will spend about $16,000 per year on home improvements, which is about double the amount they spent on remodeling their homes last year. With the Millennial generation a key demographic in the home improvement industry, the trend is a win-win for all.
According to the survey, forty percent of homeowners plan to start their first home improvement project in 2021. Twenty-five percent plan to do it in the first two months of the year. In fact, eighty-five percent of respondents plan to start a project during the first half of 2021. Only six percent of homeowners aren’t planning to do any home improvement projects in the next few years. The study also shows that the majority of those surveyed plan to do the work themselves.
The term “do it yourself” is a great way to make a huge impact on the home improvement market. Millennials are more likely to buy older homes, meaning they need more repair work than any other demographic. Millennials will spend billions of dollars on home improvement projects in the years to come, despite their lack of experience in the field. They will also raise home equity in the process. This trend isn’t just a good idea for Millennials, however.