Whether a minor refresh or a major redo, tons of homeowners seem to be sparing no expense to spruce up their spaces. In the last 12 months alone, they’ve doled out an average $6,649 on remodeling and home improvements per household, according to HomeAdvisor’s just-released 2018 True Cost Survey, which surveys current national trends and spending in the fixer-upper sector.
Nor does this tendency toward homeowners improving their existing homes look to be changing anytime soon. Nearly two-thirds of U.S. homeowners anticipate paying as much or more for improvements in the coming 12 months over the past 12 months, HomeAdvisor reports.
The generation that’s really going gaga for upgrading their digs? Millennials, the study says. This group not only completed the most home-related projects per household in the past 12 months—72 percent, 42 percent, and 18 percent more than the silent generation, baby boomers, and Gen Xers, respectively—but five in every six homeowners plan to ante up as much or more money on improvements in the coming 12 months, HomeAdvisor reports. Oh, and they’re also not shying away from kitchen and bath refurbs: Millennials are twice as likely as baby boomers to make over these rooms.
As for the group that’s plunked down the most dough for dwelling improvements in the past 12 months, that No. 1 ranking goes to baby boomers. They’ve spent 32 percent, 14 percent, and 10 percent more to spiff up their shelters than millennials, Gen Xers and the silent generation, respectively.
Across the entire spectrum, homeowners are opting to remodel rather than selling their house and moving to another one, HomeAdvisor found. Eighty percent plan on remaining in their existing residences and half are mulling a remodel. The main impetus behind remodeling? “Aesthetics,” the survey says, followed by “improved comfort” and “added value.”
Interior painting, landscape installation, bathroom remodeling, flooring installation, and exterior staining and painting projects crown the list of projects homeowners are contemplating to complete in the next 12 months.
No matter what shape it takes, the trend doesn’t show any signs of letting up, HomeAdvisor Chief Economist Brad Hunter contends. “Ultimately, I believe we’ll see continued vigor for home renovations, and increased home improvement spending, for many years to come,” he said. “And when it comes to millennial influence, we’ve only just begun to scratch the surface.”