Page 106 - enLIGHTenment Magazine - January 2017
P. 106
2017 housing Trends
RENOVATIONS AND IMPROVEMENTS MADE
Almost all homeowners (69 percent) have made improvements to their homes.
0% 10
20 30 40 50 60 70
Painted interior of home
Replaced appliances
New carpet/ ooring
Landscape yard
Redecorated home/rooms
New/repaired roof
Minor bathroom upgrade
Replaced or repaired furnace/heater
Improved curb appeal
Painted exterior of home
Bathroom overhaul
Millennials
Updated or repaired electrical
(ages 18-34)
Minor kitchen upgrade
comprise 42
Updated plumbing
Kitchen overhaul percent of all
Modi ed existing oor plan home buyers
Finished basement
today
of all homeowners interviewed purchased a prop- media platforms, and online networks. And while
erty that needed updates, with most (45 percent) only 9 percent of all homeowners are Hispanic,
indicating that only some updating was necessary, nearly 15 percent of the Millennials buying homes
and a minority (7 percent) were facing a complete are Hispanic, which re ects the changing demo-
overhaul. Approximately 18 percent purchased a graphics of the American middle class.
place that had been recently remodeled.
Millennials (ages 18-34) comprise 42 percent of
When it comes to ongoing home improvements, all home buyers today, while an additional 31 per-
the average homeowner has made 6.7 improve- cent of buyers are members of Generation X (ages
ments to their home. The most common included 35-49). Baby Boomers (ages 50-64) and the Silent
painting interior rooms, replacing appliances, get- Generation (ages 65-75) together make up the
ting new carpet or ooring, and landscaping the smallest share of home buyers (26 percent), with
yard. Large improvements generally included a only 10 percent of buyers over age 64.
bathroom overhaul (30 percent), kitchen overhaul Once they’ve taken the plunge and purchased
(22 percent), modifying the existing oor plan (16
their homes, it’s time to renovate. More than half
104 enLIGHTenment Magazine | january 2017
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