DES MOINES, Iowa and
ORLANDO, Fla., Jan. 11, 2017 /PRNewswire/ -- Better Homes
& Gardens, Meredith Corporation's leading lifestyle brand
that reaches nearly 40 million readers each month, today released
findings from its 9th-annual survey on attitude and behavior trends
of homeowners in the U.S. This year's research looked at Millennial
homeowners ages 22-39, with a special focus on Millennial "firsts"
– those living in their first homes that they've owned for five
years or less.
Findings revealed that Millennial "firsts" see homeownership as
a good investment, with 85 percent viewing owning a home as an
important part of their "American Dream." However, the study found
that Millennials, especially Millennial "firsts," are extremely
practical about homeownership. While they have aspirational dream
homes, they have a realistic approach to their goals and budgets
when it comes to home buying and renovating.
During a presentation at the NAHB International Builders Show in
Orlando, Jill Waage, Editorial Director of Digital
Content and Products at Better Homes &
Gardens, delivered these findings and offered insight on
the needs of today's current and future home owners.
"These first time Millennial homeowners are focused on building
equity – not debt," explained Waage. "They are strong believers in
being able to afford their dreams as they achieve them and not over
stretch themselves."
According to the survey, Millennial "firsts" are financially
conscious and aim to accomplish home goals as they progress through
life stages and become more financially stable. In fact, only 50
percent of "firsts" are willing to spend top dollar to get exactly
the features and quality they want, while only 36 percent are
willing to take out a loan in order to take advantage of a
deal.
"Firsts" instead will make trade-offs, including waiting and
doing DIY projects to get what they want when they can afford
it.
- "Firsts" are more likely to live in lower-end homes that are
aging and in need of fixing up. Fifty percent of "firsts" said at
move-in their current home's condition required some degree of
repair or remodel –ranging from minimal to considerable.
- When it comes to home improvement needs, only one in four
"firsts" say their primary approach is to pick up the phone and pay
someone, compared to 40 percent of total Millennials.
- Three out of four "firsts" do some degree of DIY in their
home.
- Nearly 90 percent of "firsts" are very or extremely interested
in learning about home repair and home improvement projects.
The top interior DIY improvements for which Millennial "firsts"
indicated the greatest need for information include simple but
stylish projects that add value to their home, including: painting
walls, installing tile and installing light fixtures.
Other findings revealed that Millennial "firsts" have modest
aspirations for their future homes. Their greatest desires are for
practical living spaces including renovated kitchens (64 percent),
renovated bathrooms (60 percent), and deck/patio space (59
percent). On average, they would like mid-sized homes around
2116 square feet.
"Millennials and Millennial 'firsts' are paving their own paths
in homeownership based on their own budgets, timeline and needs,"
explained Waage. "These 'firsts' are replacing big-budget homes and
expensive renovations with patience, frugalness and
practicality."
About the survey: The quantitative online survey was
fielded September 19 – 30, 2016 among
605 U.S. Millennial homeowners living in single-family homes. The
sampling error is +/- 5.6%
ABOUT BETTER HOMES & GARDENS
Better Homes & Gardens serves, connects and inspires
readers who infuse color and creativity into each aspect of their
lives. Reaching 40 million readers a month via the most trusted
print magazine, the brand also extends across a robust website,
multiple social platforms, tablet editions, mobile apps, broadcast
programs and licensed products. Better Homes & Gardens
fuels our readers' passions to live a more colorful life through
stunning visuals, a balance of substance and surface, and a blend
of expert and reader ideas. Better Homes & Gardens is
published 12 times a year with a rate base of 7.6 million.
Additional information may be found at www.bhg.com | Facebook:
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instagram.com/betterhomesandgardens.
ABOUT MEREDITH CORPORATION
Meredith Corporation (NYSE: MDP; www.meredith.com) has been
committed to service journalism for 115 years. Today, Meredith uses
multiple distribution platforms – including broadcast television,
print, digital, mobile and video – to provide consumers with
content they desire and to deliver the messages of its advertising
and marketing partners.
Meredith's National Media Group reaches more than 100 million
unduplicated women every month, including nearly 75 percent of U.S.
Millennial women. Meredith is the leader in creating and
distributing content across platforms in key consumer interest
areas such as food, home, parenthood and health through well-known
brands such as Better Homes & Gardens, Allrecipes, Parents,
Shape and EatingWell. Meredith also features robust brand
licensing activities, including more than 3,000 SKUs of branded
products at 4,000 Walmart stores across the U.S. and at
walmart.com. Meredith Xcelerated Marketing is an award-winning,
strategic and creative agency that provides fully integrated
marketing solutions for many of the world's top brands, including
Kraft, TGIFriday's and NBC Universal.
Meredith's Local Media Group includes 17 owned or operated
television stations reaching 11 percent of U.S. households.
Meredith's portfolio is concentrated in large, fast-growing
markets, with seven stations in the nation's Top 25 – including
Atlanta, Phoenix, St.
Louis and Portland – and 13
in Top 50 markets. Meredith's stations produce 700 hours of local
news and entertainment content each week, and operate leading local
digital destinations.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/first-time-millennial-homeowners-are-aspirational-but-practical-according-to-exclusive-survey-by-better-homes--gardens-300389395.html
SOURCE Meredith Corporation; Better Homes & Gardens