Millennials are a generation that’s become the subject of much debate over the last few years. Loosely defined as anyone born 1980 to 2000, millennials get a bad rap as being lazy, technology-obsessed, and unable to hold responsibility, all of which drive some of the main myths about millennial remodelers. Why care? Well, contrary to popular belief, millennials are indeed entering the home-buying market, and it’s important to know what the remodeling trends are if you’re planning on general remodeling yourself (or, more importantly, if you’re planning to sell soon). We debunk this myth of millennial homeowners, and more, below!
Myth 1: Millennials Don’t Buy Homes
Millennials are, in fact, buying homes and becoming homeowners, albeit at a slower rate than previous generations, according to both the National Association of Realtors and the Federal Reserve Bank of New York (thanks, student loans).
Yet as time goes on and millennials grow older as a generation, homeowner rates are likely to increase, which indicates that current homeowners should take millennial preferences into account when doing their own remodels. As rents continue to increase, more and more younger adults are turning to home ownership as a way to become financially and physically stable.
Myth 2: Millennials’ Living Spaces Showcase Their Immaturity
Often portrayed as young and immature, trends in millennial remodeling actually point to classy styles that make good use of color without overwhelming their spaces. Partial to dark, rich colors, millennials have embraced using interior painting to set a tone of warmth and vibrancy in their daily life.
Less interested in cookie-cutter homes and more interested in customizable spaces to fit their needs, these 20- and 30-somethings are opting for both stylish bright and natural colors such as wine, dark blue, and gray, alongside natural wood, brick, and metal. Paired with well-chosen accent pieces, millennials are redefining style as we know it.
Myth 3: Millennials Hire Others to Do Remodeling Work
Paired with expectations of millennial laziness, myths about millennials hiring others to do their work crop up everywhere, and when it comes to remodeling, it’s just not true. While millennials might hire others to help with the heavy lifting, by-and-large they’ve become a generation of DIYers, using internet searches and online tutorials to learn how to do whatever kitchen remodel or landscpaing they’re interested in. But don’t think that means shoddy work - millennials think of their homes as spaces to enjoy now, rather than an investment in future enjoyment, and their remodeling projects reflect their living-life-to-the-fullest drive.
Myth 4: Millennials Are Tech-Obsessed (And So Are Their Houses)
While smart homes are definitely gaining traction, only 25% of homeowners undertaking remodeling projects label tech-savvy homes as very important (30% label it not important at all). Instead, millennial homeowners are much more interested in updating their space for comfort.
Many prefer to work from home and entertain in their home spaces, and remodeling projects reflect the time they’re spending there, rather than a want to have a completely technologically compatible home. Trend do show that millennials are looking for homes with the increased capacity for portable technology, such as extra outlets for charging phones and tablets, so don’t skimp on the electrical when remodeling.
Myth 5: Millennials Crave Mansions (Real Housewives, Anyone?)
Portrayed as the “I want it all!” generation, it would make sense that millennials want large, sprawling living spaces, right? Wrong! Millennials are more interested in buying smaller homes closer to urban centers, where many of them work, rather than large mansions often seen on reality tv. The interior, however, is more likely to see more open space, designed for entertaining for this social generation. Millennials are using their home spaces for everything, from an office, to a gym, to a lounge for entertaining, and open spaces, even within smaller homes, serve the multifunctional purposes they need to match their on-the-go lifestyle.