Millennial home buyers prefer fixer-uppers—and DIY retailers like Lowe’s and Home Depot are reaping the benefits.YPulse’s Life Milestones and Future Plans Report data shows 82% of Millennials say owning a home is an important goal to them personally, and we know the majority of young consumers want to put more effort into decorating their spaces. For young homeowners, having a relaxing space that reflects their style is extremely important to them, and to be cost effective, many are opting to buy homes that need a little TLC—and DIY. According to Bank of America’s annual Millennial Home Improvement survey, “a majority of [M]illennials are homeowners (53%)…and 67% are likely to buy a new home in the next two years.” Yet, Millennials aren’t necessarily looking for new homes, and their data shows 80% of Millennials prefer an older home that might need some work. This choice is a financially conscious one, but favored home retailers like Lowe’s and Home Depot are confident in the fact that the majority of their business comes from do-it-yourself purchases. (MarketWatch)
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