Press release
New Millennial Homeowners Spend Big on Renovations and Repairs During Pandemic, According to Angi Survey
- Survey reveals nearly 70% of millennial homebuyers have a renovation budget of $25,000+, and close to half say they will spend $50,000 or more - Nearly half
About this update from Angi Inc.
[{"type":"text","content":"- Survey reveals nearly 70% of millennial homebuyers have a renovation budget of $25,000+, and close to half say they will spend $50,000 or more\n - Nearly half (46%) are already over budget on renovations within first year of home ownership\n - Competitive market leaves millennials facing more renovations than anticipated\n\n\nDENVER, May 19, 2021 /PRNewswire/ -- The onset of the COVID-19 pandemic brought forth a surge in millennial home buying and increased the importance of space, peace and quiet, attractiveness and affordability/value, according to a new survey by Angi. This survey of 1,000 U.S. millennials who bought homes during the COVID-19 pandemic found that respondents ended up in homes needing more renovations than they intended and, if they didn't exceed their budget in the cost of the home, they're likely to do so in renovations. Additionally, the survey found that buyers prioritized location and family considerations over job security, and overall home buying intentions, priorities, challenges and experiences changed dramatically since March 2020.\nThe pandemic forced Americans to spend most of their time at home, leading to more home improvement projects and redecorating of spaces entirely. As the weeks dragged on, the pandemic's long-term effects, including work from home policies, propelled people to reconsider their living situation altogether. In particular, the pandemic influenced millennials to take the leap and purchase new homes–even if those homes looked a little different from what they originally expected.\nPandemic's Impact on Home BuyingAn overwhelming 70% of millennials surveyed said the pandemic played a role in their decision to buy a new home, with more than a quarter (27%) saying it was the primary factor in their decision. They also shared that, due to the pandemic, their two top considerations for purchasing a new home were an increased desire for more space (56.9%) followed by peace and quiet (53.9%).\n\"Millennials are driven by family considerations and a desire for safety and stability after the pandemic. The low inventory levels and tight housing market have driven them toward homes that need work, with over half purchasing homes needing renovations,\" said Oisin Hanrahan, CEO of Angi. \"Homes are many people's greatest investment and due to the pandemic, we're spending more time in those ...