Millennials Own the Housing MarketApril 25, 2016 // Posted in:
Last Updated on January 7, 2020
Move over “baby boomers.” The 2015 report from the National Association of Realtors on generational trends revealed that millennials are now the largest share of home buyers in America today, totaling 32% (with a whopping 68% of them being first-home buyers). As these numbers are expected to grow, the home improvement market will be seeing an increasing demand across the board.
With millennial totals topping approximately 90 million people, this generation (born between the years 1981-2000) already own about 20 million households in America. Although that figure may seem small by comparison, it’s a relative number considering the median age of a millennial today is 23.
Some reports cited student debt as a major factor which may be holding some millennials back from buying their first homes. The overwhelming trigger, however, is a change in their household size (which includes marriage, having children or planning to start a family). Student debt is considered an investment for their future, and this desire for higher education makes millennials the most educated generation to date. Experts say factors such as their education, diversity, tech-savviness and desire to succeed will be vital components to the economic success of our country in the future.
Current trends reveal that millennials are more willing to purchase homes that are “fixer uppers” rather than buying new. This way, they can customize their home to match their wants and needs. This generation has shown a tendency toward embracing DIY projects, which also makes the process more affordable in the long-run. With that being said, a staggering $1.3 trillion in direct spending by millennials is fueling the home improvement industry to capitalize on this growing market.
Recent reports suggest home work spaces and casual entertaining areas are of high importance to millennials when either looking for a home or doing their own renovations. They thrive on the work/play philosophy and are dedicated to finding that perfect balance in their new homes.
Granite Transformations is the perfect choice for millennials to consider when they’re ready for a kitchen or bath renovation. With most jobs completed in one day (and with little or no demolition), they can transform their space in no time while still working on other DIY projects around the home. It’s a great way for them to see progress without the wait. And since Granite Transformations offers products at the forefront of the latest trends in the remodeling industry, millennials can really explore their options and choose the best materials to fit their new home and design style. Explore our latest line of quartz countertops from our new Trascenda Collection.