Renovation Spend has Increased for First Time Homebuyers and Millennials

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Millennial and first time homebuyers are starting to spend more money than ever before on renovation. The sixth annual Houzz & Home survey of U.S. 100,000 respondents found that first time homebuyers who bought their home in 2016 spent an average of $33,800 on renovations; a 22% increase from the year before. Although Baby Boomers still spend about three times more on their homes, Millennials invested an average of $26,200 in 2016, which is 7% more than the year before. Also, both first time and repeat buyers are taking on large projects, remodeling four rooms at the same time on average. For long time homeowners, their projects average to be smaller, remodeling 2.5 rooms during renovation.

 

The Houzz survey also found that homeowner’s main reason to do renovations in 2016 was because they finally had the time and financial means. Also, the rate of professional hiring has increased to 87% in 2016 from 85% in 2015, and is high in repeat homebuyers (94%). Also, first time homebuyers are just as likely to hire professional help as long-term homeowners. The most important demand for homeowners looking to renovate has been fueled by a need for specialty service providers. Have any projects you’re looking to get done in your home? Signature Hardwood Floors would be happy to help. Contact our flooring experts for any questions, and a FREE ESTIMATE. You can call us at 410.415.0755 or click here today!

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