While the millennial generation may be on the verge of having the most wallet power in U.S. history, they're not quite there yet; baby boomers are still in the lead when it comes to who's spending the most. But according to Home Advisor's "True Cost Report" authored by chief economist Brad Hunter, it's the millennials who have completed the most home projects in the past 12 months – a whopping 42 percent more than the baby boomers. Let's take look at what's going on with remodeling based on generational divides.
Millennials are more likely than any other generation to remodel and personalize their homes, but why is this? According to the report, this generation is now ready to move from starter homes to residences that offer more space or upgrades in better functionality and aesthetics. However, low housing inventory (especially at the under-$200,000 price point), rising prices for new homes, and increased interest rates are compelling millennials to stay where they are and utilize built-up equity to fund renovations instead.
While the number of millennials tackling home improvements exceeds that of baby boomers, those millennials aren't yet spending as much on renovations as the boomers. Baby boomers, with generally more home equity and higher net worth, have outspent millennials by 32 percent over the last 12 months on home improvement projects.
While bathrooms and kitchens are the most popular rooms to renovate, Home Advisors' research shows that bathroom remodels continue to be more popular than kitchen remodels. Millennials are twice as likely as baby boomers to complete bathroom and kitchen remodeling projects. Baby boomers plan to spend as much as 51 percent more in the next 12 months on bathroom remodeling projects.
Looking to the future, the report foresees home values and equity will continue to fuel growth in home improvement as older homeowners implement accessibility improvements and as millennial influence on home improvement continues to grow.
Wherever you may fit on the generational scale, when it comes to your home remodeling, you can depend on The Original Granite Bracket for your countertop, shelving, and vanity support brackets. We are the only bracket manufacturer who has been in the granite fabrication and kitchen remodeling business – we're here for you to make sure you get the right brackets for your project. Connect with us today!