First-Time Millennial Homeowners Are Aspirational But Practical

Better Homes & Gardens has released findings from its annual survey on attitude and behavior trends of homeowners in the U.S. This year’s research looked at Millennial homeowners ages 22-39, with a special focus on Millennial “firsts” – those living in their first homes that they’ve owned for five years or less. Findings revealed that Millennial “firsts” see homeownership as a good investment, with 85% viewing owning a home as an important part of their “American Dream.” However, the study found that Millennials, especially Millennial “firsts,” are practical about homeownership. While they have aspirational dream homes, they have a realistic approach to their goals and budgets when it comes to home buying and renovating.
Only 50 percent of “firsts” are willing to spend top dollar to get exactly the features and quality they want. “Firsts” instead will make trade-offs, including doing DIY projects. “Firsts” are more likely to live in lower-end homes that are aging and in need of fixing up.