Millennials and Gen Z homeowners face challenges in affording starter homes, which are priced near $1 million in some U.S. markets. In light of these high prices, many are choosing to renovate their current homes. A June survey indicates that 60% of millennials and 56% of Gen Z homeowners have renovation plans. It's generally found that renovating is more cost-effective than buying new homes, with renovations being on average $49,000 cheaper. The trend is influenced by high home equity, rising mortgage rates, and an aging population staying in their homes longer.
Many current homeowners are turning to renovations instead of pursuing new home purchases. Results from a June survey show that 60% of millennial homeowners have remodeling plans this year.
Renovating a current home can be cheaper than buying new or expanding existing homes. On average, it's $49,000 cheaper to renovate an existing home.
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