Millennials dynamic home renovators in 2014

According to the fourth annual Houzz & Home survey released in June 2015, US millennial homeowners were as active as older generations in terms of home renovation spending in 2014.

The survey reveals that for 55 percent of the 15,000 US millennial respondents, the key factor for renovation was to add one's own 'touch' to a newly purchased house. A number of the millennials have already bought a new home within the said year.

Millennials spent an average of $6,300 on major remodeling of kitchens more than 201sqft, while approximately $16,100 was used up on smaller kitchens. For minor kitchen remodeling, millennials spent $7,500 for large kitchens and $5,100 on small ones. The kitchen was also the most popular renovation project for older generations.

As regards challenges, staying on budget was the biggest hurdle encountered by 38 percent of millennials while 37 percent are almost twice as likely to have difficulties coming up with funding their own projects. One in three millennials or 32 percent used credit cards to finance their renovation projects versus 25 percent for other generations.