A lack of supply and rising unaffordability means many homeowners will stay put and improve their existing home according to a new report.
The report focuses on generational trends in home improvement and follows a survey by HomeAdvisor, an online platform that connects homeowners to service professionals.
The poll showed that 80% of respondents plan to stay in their existing home and that millennials are particularly keen to make home improvements.
"Most millennials have had to compromise on the size and condition of their starter homes — with many purchasing older homes in need of repair just to be able to afford homeownership," said Brad Hunter, HomeAdvisor Chief Economist. "Many of the millennials who bought a home in the last few years are seeking to upgrade. But a lack of housing inventory, coupled with inflated home prices and rising mortgage rates, has them renovating their existing homes instead of selling and moving."
Millennials spent last year and will do again this year
The survey reveals that millennials have completed the most home projects in the past 12 months — 72% more than the silent generation, 42% more than baby boomers, and 18% more than Gen Xers.
But that doesn’t mean young homeowners are done spending as 5 out of 6 respondents plan to spend as much or more again in the coming 12 months.
Homeowners spent an average of $6,649 on home improvements per household in the last 12 months.
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