In 2023, millennials are shaking up the real estate market, not only through their buying choices but also in how they choose to renovate their homes.
This trend among millennials is driven by a combination of factors, including a desire for customization, financial considerations, and a shift in aesthetic preferences.
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DIY Approach to Home Renovation
According to an article from Marie Fazio in the Florida Times-Union, the millennial generation is increasingly drawn to older homes that need some renovation. This generation, influenced by HGTV shows, YouTube videos, and Pinterest tutorials, aims to fix and personalize their homes.
Fazio indicated that nearly 50% of surveyed millennial homeowners said their homes needed some degree of repair or renovation, and the majority prefers to do these repairs themselves.
Popular Renovation Projects
Data from Porch Group Media revealed that 84% of new Generation Y entrepreneurs are undertaking home renovation projects. Key projects include painting (41%), redecorating (37%), kitchen remodeling (39%), landscaping (34%), and bathroom remodeling (37%).
This trend is partly due to millennials buying older homes that require renovations. Interestingly, 92% of new Generation Y entrepreneurs are open to trying new brands of home renovation materials.
Criticism of Millennial Renovations
However, not everyone views these renovations positively. Katie Way of Vice discussed the backlash against millennial home renovations.
Way described a trend where original features like hardwood floors and vintage bathroom fixtures are being replaced by modern materials, often perceived as lower quality and less aesthetically pleasing. This “HGTV-ification” of homes is seen by some as eliminating the quirks and characteristics of older houses.
Financial Considerations
Financial factors also play a significant role in these renovation choices. Fazio mentioned that most young first-time homebuyers likely pay out of pocket for smaller projects, while a smaller percentage opts for renovation loans.
The Porch Group Media report indicated that millennials are tackling smaller home improvement projects, such as painting and landscaping, due to the high costs involved in larger renovations.
Shift in Aesthetic Preferences
Way highlighted that the shift toward more modern and monotonous designs reflects a broader change in aesthetic preferences among millennials. While some criticize these choices, it’s essential to acknowledge the practical considerations motivating them, such as budget constraints and material availability.
Specific Renovations Generation Y Is Making:
- Replacing outdated kitchen tiles: Many millennials are upgrading kitchens by replacing old tiles with more modern options.
- Painting: A significant number of millennials are opting to repaint their homes, both inside and out.
- Kitchen remodeling: Includes upgrading appliances, cabinets, and countertops to modern standards.
- Bathroom remodeling: Millennials are often modernizing bathrooms, replacing old fixtures with newer, contemporary designs.
Millennials are truly reshaping the landscape of home renovation in 2023. Their approach is characterized by a DIY spirit, a willingness to take on significant projects, and a movement toward modernization, albeit sometimes controversial. These trends reflect a generation’s desire to customize their living spaces while navigating financial realities and changing design preferences.
Source: Gobankingrates
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