First-Time Millennial Homeowners Are Aspirational But Practical
First-time Millennial homebuyers are aspirational but practical according to a specific survey by Better Homes and Gardens. The construction of the millennium “First” focuses on home equity and home improvement reforms
Des Moonis, Iowa And Orlando, Fla., January 11, 2017 2017 / PRNewswire / – Better Homes & Gardens, Meredith Corporation’s flagship lifestyle brand, reaching nearly 40 million readers each month, today released findings from its 9th annual survey on trends and attitudes of homeowners in the US. This year’s research looked at Millennial “First” with a particular focus on Millennial homeowners ages 22–39 – people living in their first homes that they have owned for five years or less.
The findings showed that Millennials see “first” homebonship as a good investment, with 85 percent owning a home as a significant part of their own “American Dream”. However, the study found that Millennials, especially Millennials “first,” are highly pragmatic about homebuyership. While they have aspirational dream homes, they have a realistic approach to their goals and budgets when it comes to buying and renovating a home.
During a presentation at the NAHB International Builders Show Orlando, Jill wedge, Editorial director of digital content and products Better Homes & Gardens, Distributed these findings and offered insights on the needs of today’s current and future homeowners.
“For the first time, Millennial homebuyers are focused on building equity – not debt,” Wedge explained. “They are strong believers in being able to afford their dreams because they achieve them and don’t grow themselves.”
According to the survey, Millennials are “first” financially aware and aim to meet household goals as they move through life stages and become more financially stable. In fact, only 50 percent of “firsts” are willing to spend top dollar to get those features and quality, while only 36 percent are willing to take a loan to take advantage of a deal.
Instead “first” will create a trade-off, in which they are waiting and getting the DIY project that they want when they can buy it.
- “First” are more likely to live in lower-end homes requiring aging and fixing. Fifty percent of the “firsts” stated that the condition of their current home required minimal or substantially some degree of repair or remodel-orangeing.
- When home improvement is needed, only one in four “firsts” say their primary approach is to pick up the phone and pay someone, compared to 40 percent of the total Millennials.
- Three out of four “firsts” do some degree of DIY in their home.
- About 90 percent of “firsts” are very or extremely willing to learn about home repair and home improvement projects.
Improvements in the top interior DIY for which Millennial “First” indicated the greatest need for information include simple yet stylish projects that add value to your home, including: painting walls, installing tiles, and lighting fixtures. to establish.
Other findings showed that Millennial “firsts” have modest aspirations for their future homes. His greatest desires are practical living spaces including renovated kitchens (64 percent), renovated bathrooms (60 percent), and deck / patio spaces (59 percent). On average, they would prefer around 2116 square feet of mid-size homes.
“Millennials and Millennials ‘First’ have paved their way into homework based on their own budget, time and needs,” Wedge explained. “These ‘firsts’ are replacing big budget homes and expensive renovations with patience, austerity and practicality.”
About the survey: Quantitative online survey was fielded 19 September – 305, 605 in America. Millennial homeowners living in single-family homes. Sample error is +/- 5.6%
About Holmes and Gardens
Better Homes & Gardens Serves, connects and inspires readers who influence color and creativity in every aspect of their lives. Reaching 40 million readers a month through the most reliable print magazine, the brand also extends to a strong website, multiple social platforms, tablet editions, mobile applications, broadcast programs and licensed products. Better Homes & Gardens Fueling our readers’ passion to live more colorful lives through stunning visuals, balance of substance and surface and a mix of expert and reader views. Better Homes & Gardens It is published 12 times a year with a base rate of 7.6 million.
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About Meredit Corporation
Meredith Corporation (NYSE: MDP; www.meredith.com) has been committed to serving journalism for 115 years. Today, Meredith uses a number of distribution platforms – including broadcast television, print, digital, mobile and video – to provide consumers with the content they desire and to deliver the message to its advertising and marketing partners.
Meredith’s national media group reaches over 100 million immigrant women each month, including about 75 percent of American millennial women. Meredith is a leader in creating and distributing content on platforms in key consumer interest areas through well-known brands such as Better Homes and Gardens, Allerciples, Parents, Shape and EatingWell. Meredith also strengthens branding activities, including 4,000 Walmart stores in the US and over 3,000 SKUs of branded products at Walmart.com. Meredith Accelerated Marketing is an award-winning, strategic and creative agency that provides fully integrated marketing solutions for many of the world’s top brands, including Kraft, TGFried and NBC Universal.
Meredith’s local media conglomerate consists of 17 owned or operated television stations, reaching 11 percent of American homes. Meredith’s portfolio is concentrated in large, fast-growing markets, including seven stations in the country’s top 25 Atlanta, Marvel, St. Louis And Portland – and 13 in the top 50 markets. Meredith’s stations produce 700 hours of local news and entertainment content each week, and operate major local digital sites.