First-time home buyers are showing a stronger desire for taking on remodeling projects. First-time buyer-renovators in 2016 spent $33,800, on average, on their projects – a 22% increase over 2015, according to the sixth annual Houzz & Home survey of more than 100,000 respondents in the U.S.
"Younger and cash-constrained first-time buyers are responding to the low inventory of affordable homes by purchasing properties that require more than just cosmetic upgrades," says Nino Sitchinava, Houzz principal economist. "Not surprisingly, we are seeing their spending on home renovations increasing significantly in 2016 and expect this trend to continue through 2017."
Both first-time and repeat buyers are taking on larger scope projects, such as remodeling up to four rooms at the same time, the Houzz survey shows. Kitchen and bathrooms continue to be the most popular rooms in the house to renovate.
And while "recent home buyers drive a significant share of home renovations today, repeat buyers are investing twice as much in their home as first-time home buyers," Sitchinava notes.
Baby boomers and earlier generations, age 55-plus, continue to spend three times more than millennial homeowners aged 25 to 34.
Overall, homeowners on average, spent $60,400 in 2016 on home renovation projects, up from a $59,800 average in 2015.
What remodelers spent renovating homes in 2016
- Kitchens: $19,100
- Master bathrooms: $11,700
- Living/family rooms: $5,400
- Master bedroom: $3,400
- Laundry room: $2,800
- Dining rooms: $2,600
- Guest bedrooms: $1,900
Source: "Houzz & Home Survey," Houzz (May 4, 2017)
If you are thinking of buying, selling, renting your home, or leasing real estate this year we’d love to hear from you! Working with experienced professionals can boost your profits!
564 Dodge Ave. Suite A ~ Elk River, MN 55330
763-633-3535 ~ Sales@ACGProperty.com
Click HERE to visit us on Facebook
Click HERE to contact Acuity Group
OUR SPECIALTIES: Residential & Commercial Seller and Buyer Services, Property Management & Residential Rentals, Residential and Commercial Investment Property Specialists, Listing & Marketing Specialists, CDPE (Certified Distressed Property Experts), Short Sale Specialists, REO/Bank Owned Sales. Golf course properties, water front properties, acreage & hobby farms, vacant land, condos & townhomes, industrial/manufacturing/retail properties, association maintained properties, senior housing, luxury homes, vacation & secondary housing.
Serving the following Minneapolis Cities & Suburbs: Elk River MN, Zimmerman MN, Big Lake MN, Rogers MN, Otsego MN, St. Michael MN, Albertville MN, Princeton MN, Ramsey MN, Anoka MN, Nowthen MN, Monticello MN, Oak Grove MN, Burns Township MN, Champlin MN, Dayton MN, Hanover MN, Coon Rapids MN, Blaine MN, Fridley MN, St. Francis MN, Livonia Township, Andover MN, Becker MN, Baldwin Township, Orrock Township, Plymouth MN, Maple Grove MN, Osseo MN.
Serving the following Minnesota Counties: Sherburne, Anoka, Wright, Hennepin and portions of Mille Lacs and Isanti Counties