First-Time Millennial Homeowners Are Aspirational But Practical According To Exclusive Survey By Better Homes & Gardens
Millennial "Firsts" are Focused on Building Home Equity and Doing Home Improvements Themselves
DES MOINES, Iowa and ORLANDO, Fla., Jan. 11, 2017 /PRNewswire/ -- Better Homes & Gardens, Meredith Corporation's leading lifestyle brand that reaches nearly 40 million readers each month, today released findings from its 9th-annual survey on attitude and behavior trends of homeowners in the U.S. This year's research looked at Millennial homeowners ages 22-39, with a special focus on Millennial "firsts" – those living in their first homes that they've owned for five years or less.
Findings revealed that Millennial "firsts" see homeownership as a good investment, with 85 percent viewing owning a home as an important part of their "American Dream." However, the study found that Millennials, especially Millennial "firsts," are extremely practical about homeownership. While they have aspirational dream homes, they have a realistic approach to their goals and budgets when it comes to home buying and renovating.
During a presentation at the NAHB International Builders Show in Orlando, Jill Waage, Editorial Director of Digital Content and Products at Better Homes & Gardens, delivered these findings and offered insight on the needs of today's current and future home owners.
"These first time Millennial homeowners are focused on building equity – not debt," explained Waage. "They are strong believers in being able to afford their dreams as they achieve them and not over stretch themselves."
According to the survey, Millennial "firsts" are financially conscious and aim to accomplish home goals as they progress through life stages and become more financially stable. In fact, only 50 percent of "firsts" are willing to spend top dollar to get exactly the features and quality they want, while only 36 percent are willing to take out a loan in order to take advantage of a deal.
"Firsts" instead will make trade-offs, including waiting and doing DIY projects to get what they want when they can afford it.
- "Firsts" are more likely to live in lower-end homes that are aging and in need of fixing up. Fifty percent of "firsts" said at move-in their current home's condition required some degree of repair or remodel –ranging from minimal to considerable.
- When it comes to home improvement needs, only one in four "firsts" say their primary approach is to pick up the phone and pay someone, compared to 40 percent of total Millennials.
- Three out of four "firsts" do some degree of DIY in their home.
- Nearly 90 percent of "firsts" are very or extremely interested in learning about home repair and home improvement projects.
The top interior DIY improvements for which Millennial "firsts" indicated the greatest need for information include simple but stylish projects that add value to their home, including: painting walls, installing tile and installing light fixtures.
Other findings revealed that Millennial "firsts" have modest aspirations for their future homes. Their greatest desires are for practical living spaces including renovated kitchens (64 percent), renovated bathrooms (60 percent), and deck/patio space (59 percent). On average, they would like mid-sized homes around 2116 square feet.
"Millennials and Millennial 'firsts' are paving their own paths in homeownership based on their own budgets, timeline and needs," explained Waage. "These 'firsts' are replacing big-budget homes and expensive renovations with patience, frugalness and practicality."
About the survey: The quantitative online survey was fielded September 19 – 30, 2016 among 605 U.S. Millennial homeowners living in single-family homes. The sampling error is +/- 5.6%
ABOUT BETTER HOMES & GARDENS
Better Homes & Gardens serves, connects and inspires readers who infuse color and creativity into each aspect of their lives. Reaching 40 million readers a month via the most trusted print magazine, the brand also extends across a robust website, multiple social platforms, tablet editions, mobile apps, broadcast programs and licensed products. Better Homes & Gardens fuels our readers' passions to live a more colorful life through stunning visuals, a balance of substance and surface, and a blend of expert and reader ideas. Better Homes & Gardens is published 12 times a year with a rate base of 7.6 million.
Additional information may be found at www.bhg.com | Facebook: facebook.com/mybhg | Twitter: twitter.com/bhg | Pinterest: pinterest.com/bhg | Instagram: instagram.com/betterhomesandgardens.
ABOUT MEREDITH CORPORATION
Meredith Corporation (NYSE: MDP; www.meredith.com) has been committed to service journalism for 115 years. Today, Meredith uses multiple distribution platforms – including broadcast television, print, digital, mobile and video – to provide consumers with content they desire and to deliver the messages of its advertising and marketing partners.
Meredith's National Media Group reaches more than 100 million unduplicated women every month, including nearly 75 percent of U.S. Millennial women. Meredith is the leader in creating and distributing content across platforms in key consumer interest areas such as food, home, parenthood and health through well-known brands such as Better Homes & Gardens, Allrecipes, Parents, Shape and EatingWell. Meredith also features robust brand licensing activities, including more than 3,000 SKUs of branded products at 4,000 Walmart stores across the U.S. and at walmart.com. Meredith Xcelerated 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, TGIFriday's and NBC Universal.
Meredith's Local Media Group includes 17 owned or operated television stations reaching 11 percent of U.S. households. Meredith's portfolio is concentrated in large, fast-growing markets, with seven stations in the nation's Top 25 – including Atlanta, Phoenix, St. Louis and Portland – and 13 in Top 50 markets. Meredith's stations produce 700 hours of local news and entertainment content each week, and operate leading local digital destinations.
SOURCE Meredith Corporation; Better Homes & Gardens
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article