Houzz recently surveyed first-time home buyers, specifically millennials, to find out what’s top of their wish list when buying or renovating a new home. Of the 100,000 people surveyed for the Houzz & Home report, over a quarter of respondents said smart-home technology is very important to them.
The report showed that first-time home buyers are more likely to prioritize the integration of smart technology during a renovatoin than repeat buyers and long-term homeowners. One-third of recent home buyers are investing in home automation (33 percent) compared to 16 percent of long-term owners.
And while this particular study did not indicate if buyers are more apt to install their own technology or hire a pro, the survey did reveal that 87% of consumers do hire pros in general for their remodeling projects. [NOTE: Clarified erroneous statistic on DIY home technology.]
Interesting data points from the Houzz survey:
- First-time home buyers were willing to spend more in 2016 on home renovation projects than ever before. They spent $33,800 on average, which is 22 percent more than in 2015.
- For 2017, Houzz respondents say they plan to spend an average of $27,300 on renovations, a four percent increase from planned renovation spending in 2016.
- Respondents indicate that their projects involve four rooms on average.
- Kitchens and bathrooms, which continue to command the lion’s share of renovation spend, are significantly more likely to be renovated that any other room of the home.
- The average investment in living spaces increased 11 percent in 2016 compared to 2015, including living/family rooms ($5,400), dining rooms ($2,600, and guest bedrooms ($1,900). Master bedroom spend increased 23 percent ($3,400). Renovation investment in laundry rooms is up 24 percent, averaging $2,800.
- Investments in kitchen and bath renovation, meanwhile, remained relatively flat ($19,100 for kitchen and $11,700 for master baths).
“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 spend on home renovations increasingly significantly in 2016 and expect this trend to continue through 2017.”