Bank of America data shows that millennial homeownership is rising, and since this group prefers a fixer upper, there’s potential for lots of projects in the coming months, which could be a good thing for home improvement retailers.
Bank of America data shows that millennial homeownership is rising, and since this group prefers a fixer upper, there’s potential for lots of projects in the coming months, which could be a good thing for home improvement retailers like Home Depot and Lowe’s Cos.
But millennials aren’t looking for something brand new. Instead, 80% say they prefer an older home in need of work in order to save money. More than three-quarters of those who already own a home say they started a renovation project in the first 12 months after making the purchase, “meaning that the recent housing boom still has lasting benefits to renovation activity.”
After its fiscal first-quarter earnings announcement, Lowe’s Chief Executive Marvin Ellison told MarketWatch that he was still confident about the home improvement retailer’s future.
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