According to a new survey conducted by Home Depot in partnership with Morning Consult, home ownership is one of the most stressful milestones young people face today. Around half of millennials (53 per cent) report worries about purchasing their first home, along with starting a family (57 per cent) and career advancement (52 per cent). Having to do renovations and home improvements causes the most significant hesitation about becoming a homeowner, with millennials reporting that home maintenance (74 per cent) and home improvement projects (68 per cent) are the most stressful aspects of home ownership.
"Our research has shown that a lack of proper knowledge, tools and time were the top barriers for millennials navigating home improvement projects, which is especially stressful for a generation of current and soon-to-be first-time homeowners," said Molly Battin, senior vice-president and chief marketing officer at Home Depot. "Helping homeowners complete projects is part of our DNA, so it was a natural move to create an online resource designed to empower our customers with everything they need to confidently turn their first house into a home."
The survey, which sampled recent homeowners or potential homebuyers born between 1981 and 2005, found that young people are willing to take on projects, but they lack the skills and know-how to tackle them.
As the survey shows, over 8 in 10 of millennials and GenZers are interested in doing renovation, repair, design and décor projects. Yet only about a quarter of millennials and a third of GenZers would feel "very confident" about taking on a home improvement project.
But it strongly depends on the kind of project. Millennials and GenZers were most comfortable with redecorating (83 per cent/86 per cent), painting (about 80 per cent) and routine outdoor work (81 per cent), while well over half of the respondents were least comfortable with electrical work, plumbing, roofing/siding, and window/door projects.
For information, most young people would turn to YouTube or other online videos (around 70 per cent) to learn how to tackle DIY projects as opposed to learning from a parent, family member or friend (61 per cent of GenZers and 54 per cent of millennials would do so). In fact, 90 per cent of millennials and 92 per cent of GenZ respondents said that having access to a centralised resource that provides guidance for first-time homeowners would be helpful to them.
From moving checklists to project guides, virtual workshops…