Millennials are more likely to bolt, rather than build, from their homes.
Open Listings, an online homebuying platform, recently conducted a survey of 500 homeowners between 25 and 64 years old.
Roughly half of the participants owned their home for at least 10 years, a third of those surveyed owned for five years or less, and the remaining percentage had their homes between six to 10 years.
According to the Open Listings survey, 73 percent said they would pursue home renovations if they were given $10,000, with the remaining 27 percent saying they would spend it towards a down payment on a new home.
But the percentages drastically change when Open Listings looked at the age ranges of the 500 homeowners surveyed. 41 percent of millennials between 25 and 34 years old in the survey said they’d use the $10,000 towards a down payment for a new home instead. Comparatively, only 16 percent of those surveyed between 55 and 64 years old said they would look towards their next home’s down payment.
According to Open Listings, millennials that bought homes in the last decade did so during a time of economic hardship with stagnant wage increases, increasing student loan debt and rising housing prices, so they likely settled on buying a home and now see the different features and amenities new houses have.
And the age difference between home owners is even more apparent when it comes to how long it would take to consider selling their current home.
According to the survey, 63 percent — the majority of this percentage being 45-54 years old — said they would consider selling their home and buying a new one in at least five years. But 23 percent, mostly made up of millennials said they’d consider getting a new home in the next one to five years.
Generally, homeowners acknowledge that they’re not yet living in their dream home at 61 percent. And those homeowners explained the biggest factors for their dream home is the features of the building. The survey noted 20 percent said their home has an outdated kitchen and 15 percent pointed to an outdated bathroom.
So while the older generation is more apt to fix up their homes, the younger homeowners aren’t so committed to their property.