BY DIANE BELCUORE
Fixer-Upper – HGTV has the current state of the housing market to thank for the success of their many fixer-upper shows. It’s true that many millennials are looking for a fixer-upper as their first home because in most of places it’s a financial impossibility to put a down payment on anything else (this also explains the steady rise in renters in this country). Overcome with student debt and faced with less high-paying jobs after graduating, most people my age must either rent or move into a very small home. Fixer-uppers are becoming the third increasingly popular option.
Most millennials can’t afford much more than a small, basic house. Young and educated (and with home-flipping reruns on TV), millennials are open to investing in larger homes in questionable conditions because of the potential value that lies in them.
This year, Home Depot reported that same-store sales rose 6.3 percent, amid forecasts for just a 4.4 percent increase. The company attributes this to millennials who are buying their first home and tend to purchase houses that need repair and remodeling.
According to Houzz’s 2017 House and Home study, buyers who bought their first home in 2016 spent an average of $33,800 on renovations—a 22 percent increase over 2015.
Posted on November 4, 2017 at 9:07 am by Diane Belcuore