The Age Group Most Willing to Invest in Homes Will Surprise You
A recent study showed that millennials are responsible financially and make smart decisions when investing in their homes.
Images: Courtesy of Empire Today
It seems like everywhere we turn, millennials are getting a bad rap. But a recent study released by Empire Today, a home improvement company, showed quite the opposite—that millennials, many of whom now own their own homes, are responsible financially and make smart decisions when investing in their homes.
The study showed that millennials spent nearly $1,000 more per project on average than other age groups, but they were also most likely to fund home improvement projects with cash savings (74 percent) and the least likely to use credit cards for home improvement (19 percent). On the flip side, this age group was the most likely to not set a budget for a project, although only slightly: 11 percent of millennials fail to budget for home improvements compared to 6 to 9 percent across all generations.
The study also looked for differences between genders. Both men and women stuck to their home improvement budgets approximately half the time (47 percent of men, 51 percent of women). Women were more likely to not set a budget (11 percent vs. 7 percent for men). In the end, the survey found that the one thing that contributed most to satisfaction with the finished project was how well people of all ages and genders stuck to their budgets. Those who went over were less likely to say that they were very satisfied, while those who stayed on track or beat their budgets were more likely to finish happy.
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