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10 | Kitchen & Bath Design News | September 2015 Consumer Buying Trends { Demographics & buying patterns for the home } Palo Alto, CA — Millennial homeowners in the U.S. were just as likely as other generations to renovate their homes last year, while their views about resale value, energy efciency and healthy homes are similar to those of older generations. That's among the key conclusions of the fourth annual "Houzz & Home" sur- vey, conducted by Houzz Inc., the Palo Alto, CA-based online platform for home remodeling and design. Houzz felded the survey through The Farnsworth Group, an independent market research frm, be- tween February and April, with results released in June. Surveyed were some 170,000 U.S. respondents, including more than 15,000 Millennial homeowners (25- 34) who are registered users of Houzz. According to the survey's fndings, a key motivation for renovation projects among Millennial homeowners is mak- ing a newly purchased home their own. Kitchens continue to be the most pop- ular interior remodeling project among all age groups, with nearly one-third of surveyed homeowners tackling this room in 2014, according to Houzz. Millennial homeowners spent an aver- age of $26,300 on large kitchen remodels (more than 201 sq. ft.), and $16,100 for small kitchen remodels (less than 201 sq. ft.). By contrast, younger Boomers spent an average of $45,200 on large kitchen remodels and $38,700 for small kitchen remodels, Houzz said, with the fgures in- cluding both DIY projects and those that used design or construction pros. According to Houzz, 84% of the sur- veyed homeowners hired a professional – including kitchen and bath design pro- fessionals – to assist with or oversee their remodeling projects. Homeowners were also likely to hire landscape contractors (19%), interior designers (12%), architects and landscape architects/designers (10% each). Nearly half (48%) of those surveyed who hired a professional lever- aged a specialty service provider such as an electrician (18%), plumber (17%) or painter (15%) directly, without the help of a general contractor. Additional fndings from the 2015 Houzz & Home Survey were as follows: » » Activity: Home renovation and deco- rating activities trump purchasing or selling a home, and involve virtually all parts of the home. » » Challenges: When it comes to the challenges homeowners face during renovations, fnding products and pro - fessionals top the list (both at 33%). However, staying on budget is the big- gest challenge for Millennials (38% versus 29% for younger Baby Boom- ers). Millennials are also nearly twice as likely to struggle with funding their renovation projects as younger Baby Boomers (37% compared to 19%). Oth- er challenges include defning their style, staying on schedule, educating themselves and collaborating with spouses/partners. » » Financing: Cash remains king, as all generations leveraged savings or personal fnances to pay for their resi- dential upgrades (87%). One in three Millennials charged renovation ex- penses to a credit card (32%), versus 25% for other generations. » » Aging in Place: Over half (56%) of 60+ households plan to stay in their homes indefnitely, with many reno- vating their homes for this purpose. Of the 60+ households renovating their kitchens, 60% report they are improving accessibility. Similarly, 69% of the 60+ homeowners renovating their bathroom are updating with ag- ing in mind, including installing raised toilets (38%) and grab bars (26%). » » Smart Technology: Twenty-fve per- cent of renovating homeowners rank smart home technology as a "very-to- extremely important" consideration for recent home renovations. One in four installed home automation sys- tems in 2014, according to Houzz. » » Healthy Homes: Homeowners were divided on the importance of health concerns as they pertain to their 2014 renovations. While two in fve of U.S. homeowners rate health concerns as "very-to-extremely important," one in fve homeowners rate them as "entirely unimportant." Addressing health concerns during renovations becomes less important as household income increases, Houzz said. For complete survey fndings, visit http://info.houzz.com/HH2015.html. Homeowner Values, Ambitions Seen Consistent Across Generations Kitchens, baths and living/family rooms top the list of interior renovations among homeowners of all generations who remodeled last year. Design and functionality continue to drive residential renovation decisions. And, while resale value, energy efciency and minimizing costs are of secondary importance to most homeowners, very few consider those factors unimportant. Source: 2015 'Houzz & Home' Survey, Houzz Inc. REMODELING ACTIVITY IN PRIMARY LIVING SPACES FACTORS DRIVING HOME REMODELING DECISIONS Average Importance Rating Among Surveyed Homeowners Kitchen 29% Guest/Other Bathroom 25% Living/Family Room 24% Guest/Other Bedroom 22% Master Bedroom 16% Closet 16% Dining Room 16% Laundry Room 14% Home Offce 11% Basement Conversion 6% All Interior Spaces 5% Other Interior Spaces 7% Improving Design/Look & Feel 9.2 Improving Functionality 8.9 Increasing Resale Value 8.0 Improving Energy Effciency 7.9 Minimizing Costs 7.8 Addressing Health Concerns 6.3 Integrating Green/ Sustainable Materials 6.0 Integrating Smart Technology 5.3 SALES GROUP SALES DIRECTOR AND MIDWEST MANAGER Paul DeGrandis (847) 920-9510 Paul@SOLAbrands.com EAST/SOUTHEAST Joanne Naylor (201) 891-9170 Joanne@SOLAbrands.com Beth Emerich (781) 710-4745 EmerichB@SOLAbrands.com WEST/SOUTHWEST Reed Fry (949) 223-1088 Reed@fry-comm.com PRODUCT & LITERATURE SHOWCASE/CLASSIFIED ADS Mike Serino (630) 699-2004 Mike@SOLAbrands.com EDITORIAL Janice Anne Costa, Editor (516) 605-1426 Janice@SOLAbrands.com Anita Shaw, Managing Editor (631) 581-2029 Anita@SOLAbrands.com PUBLISHING SOLA Group, Inc. 724 12th St., Suite 1W Wilmette, IL 60091 (847) 920-9510 Paul DeGrandis, Publisher Paul@SOLAbrands.com Eliot Sefrin, Publisher Emeritus Eliot@SOLAbrands.com SUBSCRIPTIONS Kitchen & Bath Design News Circulation Dept. P.O. Box 3007 Northbrook, IL 60065-3007 (866) 932-5904 circ.kbdn@omeda.com MAILING LIST RENTAL Elizabeth Jackson (847) 492-1350 ext. 18 ejackson@meritdirect.com KitchenBathDesign.com ®