Millennial homeowners in the U.S. were just as likely to renovate their homes as other age groups in 2014, according to the fourth annual Houzz & Home survey, with more than 170,000 respondents in the U.S. among the 260,000 respondents globally. The survey, which received more than 15,000 U.S. millennial homeowner responses (ages 25-34), revealed that a key motivation for renovation projects among this age group is making a newly purchased home its own (55%), with one-third purchasing a new home in 2014 alone.
“While still a small group, millennial homeowners are just as active as older generations when it comes to renovating and decorating,” said Nino Sitchinava, principal economist at Houzz. “Because of delayed homeownership, we have historically known very little about their preferences when it comes to their home updates. However our unprecedented data show that millennial views on resale value, energy efficiency, healthy homes and other factors are similar to those of older generations.”