Better Homes & Gardens magazine has released the findings from its ninth annual survey on attitude and behavior trends of U.S. homeowners. This year’s researched looked at millennial homeowners ages 22-39, with a special focus on millennial “firsts”—those living in their first homes that they’ve owned for five years or less.
According to the survey, millennial firsts see homeownership as a good investment, with 85 percent viewing owning a home as an important part of their “American Dream.” However, millennials (especially millennial firsts) are extremely practical about homeownership. While they have aspirational dream homes, they have a realistic approach to their goals and budgets when it comes to home buying and renovating.
“These first time millennial homeowners are focused on building equity—not debt,” says Jill Waage, Better Homes & Gardens’ editorial director of digital content and products. “They are strong believers in being able to afford their dreams as they achieve them and not over stretch themselves.”
Here, some highlights from the survey:
- Millennial firsts are financially conscious and aim to accomplish home goals as they progress through life stages and become more financially stable. In fact, only 50 percent of firsts are willing to spend top dollar to get exactly the features and quality they want, while only 36 percent are willing to take out a loan to take advantage of a deal. Instead, firsts will make trade-offs, including waiting and doing do-it-yourself projects to get what they want when they can afford it.
- Firsts are more likely to live in lower-end homes that are aging and in need of repair. Fifty percent of firsts said at move-in their current home’s condition required some degree of repair or remodel—ranging from minimal to considerable.
- When it comes to home-improvement needs, only one-in-four firsts say their primary approach is to pick up the phone and pay someone, compared with 40 percent of total millennials. Three-in-four firsts do some degree of DIY in their home, while almost 90 percent of firsts are very or extremely interested in learning about home repair and improvement projects.
- The top interior DIY improvements for which millennial firsts indicated the greatest need for information include simple but stylish projects that add value to their home, including painting walls and installing tile and light fixtures.
- Millennial firsts have modest aspirations for their future homes. Their greatest desires are for practical living spaces—including renovated kitchens (64 percent), renovated bathrooms (60 percent) and deck/patio space (59 percent). On average, they would like mid-sized homes around 2,116 square feet.