Millennials Take Practical Approach to First-Time Homeownership

Despite what stereotypes may suggest, millennial homeowners—particularly first-time owners—are actually quite the practical bunch, at least according to a recent survey.

The survey, the ninth of its kind from Meredith Corporation’s Better Homes & Gardens brand, focused on behavior trends of millennial homeowners in the U.S.—those aged 22 to 39.

According to the survey’s findings, 85 percent of millennial first-time buyers see homeownership as a good investment, but they won’t spend their money flippantly. In fact, only 50 percent are willing to spend “top dollar” to get all the features they want, and only 36 percent will take out a loan to do so.

Jill Waage, Editorial Director of Digital Content and Products at Better Homes & Gardens revealed the survey results at a recent National Association of Home Builders International Builders Show.

“Millennials and millennial ‘firsts’ are paving their own paths in homeownership based on their own budgets, timeline, and needs,” Waage said. “These ‘firsts’ are replacing big-budget homes and expensive renovations with patience, frugalness, and practicality.”

Millennial first-time buyers are more likely to make trade-offs in order to get a property they can afford, with 50 percent saying their first home required some level of repair or remodeling upon move-in.

They’re more willing to DIY those projects, too. Only one in four surveyed said they would pay someone to do repairs, instead opting to take on the repairs and remodels on their own.

In the same line, 75 percent said they do some degree of DIYing in their home, and nearly 90 percent said they are interested in learning more about home repair and improvement. Top DIY projects for millennial first-time buyers including painting, tile installation, and light fixture updates.

As for future remodeling plans, millennial first-time buyers favor practical projects, like kitchen and bathroom renovations or deck/patio additions.

The Better Homes & Gardens survey was completed in September 2016. More than 600 homeowners living in single-family homes participated.