Young Homeowners Are Spending More On Renovations

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First-time buyers spent an average of $33,800 on upgrades in 2016, 22 percent more than the previous year

May 05, 2017

Photo: Remodel Works/Wikimedia Commons

Homeowners between 25 and 34 spent an average of $26,300 on housing upgrades last year, a 7 percent increase from 2015.

CNBC reports that first-time buyers spent $33,800 on upgrades in 2016, a 22 percent jump from the previous year.

Millennials still don’t spend as much as Baby Boomers, though. Owners above 55 spent an average of $60,400 on home renovations last year, which was only slightly more than the $59,800 they spent on average in 2015.

These results come from the latest Houzz & Home Survey.

Another bright spot for housing confidence was large projects like kitchen, bathrooms, and exterior features, which Nino Sitchinava, principal economist at Houzz, said also got a boost in 2016. "Discretionary spending is clearly leading," she said to CNBC. "Those projects are typically done when times are good."

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