New Millennial Homeowners Spend Big on Renovations and Repairs During Pandemic, According to Angi Survey
The pandemic forced Americans to spend most of their time at home, leading to more home improvement projects and redecorating of spaces entirely. As the weeks dragged on, the pandemic's long-term effects, including work from home policies, propelled people to reconsider their living situation altogether. In particular, the pandemic influenced millennials to take the leap and purchase new homes–even if those homes looked a little different from what they originally expected.
Pandemic's Impact on Home Buying
An overwhelming 70% of millennials surveyed said the pandemic played a role in their decision to buy a new home, with more than a quarter (27%) saying it was the primary factor in their decision. They also shared that, due to the pandemic, their two top considerations for purchasing a new home were an increased desire for more space (56.9%) followed by peace and quiet (53.9%).
"Millennials are driven by family considerations and a desire for safety and stability after the pandemic. The low inventory levels and tight housing market have driven them toward homes that need work, with over half purchasing homes needing renovations," said
Millennials' Priorities During the Pandemic
Respondents prioritized family and location over job security. In selecting the primary factor for beginning their home search, family considerations, the birth of a child and marriage/engagement made up a collective 45% of responses. Just over half of respondents (50.7%) bought a home in a different county or state. Of those, approximately one-third (32.5%) chose location over job security. When asked about their employment:
- 16% changed jobs since their previous role wouldn't let them work remote
- 17% moved hoping their employer will let them work remote when the pandemic ends
- 30% are able to work their same job remote
- 17% switched jobs after being laid off due to the pandemic
- 20% found new jobs and moved for them
Challenges Faced Before and After Purchase
When it comes to the home itself, 56% of millennials bought a home requiring minor or major renovations, despite only 42% beginning their search with the intention of buying a home that required renovations. Additionally, nearly half (46%) of all respondents have already gone over budget on renovations within the first year of ownership.
Among the 70% of respondents who are hiring pros to do at least part of their renovations, the majority (78%) are using online platforms to help identify pros to hire, and satisfaction is relatively high, with 64% rating the value of their home service pros as excellent or good.
However, millennials are facing or anticipate facing difficulties in hiring pros for their renovations. Respondents attribute this, in part, to material or product shortages (37%) and labor shortages (31%).
"We know that finding and hiring a home pro can be challenging. Homeowners have enough to worry about with the purchase process itself, so at
The survey was commissioned by
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