Facing inventory woes, millennials turning toward fixer-uppers

Buyers who bought their first home in 2016 spent an average of $33,800 on renovations
  • First-time homebuyers are spending 22 percent more on renovations than in 2015.
  • Although baby boomers spend more on renovations, millennials have the largest increase in renovation spending (7 percentage points more) from 2015.

According to Houzz’s 2017 House and Home report, millennials and first-time buyers aren’t letting low inventory woes keep them down; instead, they’re embracing fixer-upper homes and renovating them to meet their needs.