Get Free Estimate
Share

Millennials and the Restoration Resurgence

There seems to have been a resurgence in restoration since 2016 and according to research from the New York Times and the National Association of Realtors, the majority of those home buyers are millennials.

 

It’s no secret that millennials have different priorities but what exactly are those priorities and more specifically, how do they apply to the housing market? For a number of reasons such as student loan and medical debt, millennials aren’t buying new houses like generations prior to them because millennials aren’t opposed to buying outdated homes that need a little TLC.

Image

As high as 61% of millennial home buyers in 2019 said they would consider buying homes needing plumbing and electrical renovations. While this would seem odd to a Boomer, millennials don’t fear a little renovation. It’s not that millennials don’t have money! Recent millennial home buyers are earning anywhere from $56,516.00-$72,000.00 per household.

 

A study done by MakeLemonade determined that millennials simply don’t want to be tied down by any more debt than they have already accumulated in college. Student loan debt is now the second-highest consumer debt category behind mortgage debt and 74% of consumers are millennials.

 

BuzzFeed found that another factor comes into play for millennials purchasing their first homes too: NO KIDS. So the unsafe conditions of an old home needing a new paint job can wait a few months before it’s tended to without curious tots roaming around. Obviously new parents don’t want to raise their children in dangerous places but luckily only about half of millennials are parents, that’s 9% less than gen x home buyers.

Image

If a home comes with a few projects, millennials are the generation of patience, known for making gradual renovations over time. Up-and-coming cities like Denver, Portland, Boston and Philly are attracting more millennials than ever and these guys are dying to buy turn-of-the-century homes and condos in downtown historic districts.

 

If you are a millennial homebuyer with that perfect fixer-upper, call LIME Painting today and let us help as you go. At LIME Painting we can go at your pace and set-up a schedule for upcoming renovations that best suit your needs. Call today (720) 708–7807 to set up your free consultation.

Back to Blog

Related posts

Must-Have Luxury Home Improvements 2021 Must-Have Luxury Home Improvements 2021

Home is intended to be your oasis. It’s the place you come to after tackling work and other tasks. Ideally, it should be the spot where you can relax, let go of whatever is on your mind, and recharge for the day to come.

Read More
Learn from LIME: Stucco 101 Learn from LIME: Stucco 101

Residential stucco is a popular finishing material for all kinds of properties. Stucco is a cement-based siding that adds a texture finish to a wall. The mixture is made from cement, sand, water, and lime. The best part is it can come in a variety of colors and textures!

Read More
LIME Painting® launches a new franchise in Northern New Jersey LIME Painting® launches a new franchise in Northern New Jersey

LIME Painting®, a professional painting company for high-end residential and commercial properties, announced the grand opening of its new location in Bergen County, New Jersey. LIME Painting® of North Jersey, owned by Jeff and Carolyn Hagen, covers all of Northern New Jersey and the surrounding areas.

Read More
5 Reasons You Should Invest in Professional Painting Services 5 Reasons You Should Invest in Professional Painting Services

It’s summertime and for many this means it’s time for fixing up or sprucing up our homes. Fresh paint inside and out can make it look and feel brand new again. Sure, you’d love to do it yourself, but you’re busy. Maybe your house painting project was pushed off from last summer because of time constraints and busy schedules. Before that happens to you again and your house gets pushed off for yet another year, perhaps you should consider an alternative.

Read More