While baby boomers tend to spend more on home renovations, millennials are doing more projects than other generations.
According to the True Cost Report by HomeAdvisor, in the last year, millennial homeowners have finished more home projects than baby boomers by 42 percent, and more than Generation X by 18 percent and surpassed the silent generation by 72 percent. However, baby boomers are spending the most on home projects, spending an estimated $7,524 on average, followed by the silent generation at $6,825, Generation X at $6,582 and millennials at $5,693. Across generations, homeowners have been updating their homes over the past 12 months for an average of $6,649 per household.
Popular projects over the past year included hiring a handyman, repairing or replacing faucets, fixtures and pipes and installing or repairing electrical outlets, switches and fixtures.
Bathrooms continue to be the most popular type of remodel. Nearly 25 percent of homeowners plan to remodel their bathroom within the next year, compared to 15 percent who plan to do their kitchen. Millennials said they plan to spend less than $2,000 on a bathroom remodel, while other generations said they expect to spend at least $500 to $1,000 more.
The top reason homeowners remodel is to improve aesthetics, they reported. Improved comfort and added value are also two of the main reasons.
Homeowners aren’t planning to slow down on home improvement projects over the next 12 months. Eighty-two percent of millennials, 70 percent of Gen Xers, 60 percent of baby boomers and 39 percent of the silent generation all report they believe they will spend as much or even more on remodeling projects. The top projects for the next year include interior painting, landscape installation and bathroom remodeling.
Eighty percent of respondents reported they are updating to make their homes more comfortable for themselves, not to put their house on the market.