Houzz Stat: Millennials and First-Time Buyers Spend More on Their Homes

Millennial spending is up. Homeowners spent an average of $60,400 on their renovations in 2016, close to their average spend of $59,800 in 2015, the Houzz survey found.

Notably, millennial homeowners (defined here as those ages 25 to 34) invested 7% more in their home in 2016 compared with 2015, bringing their average spending level to $26,200.

First-time buyer spending is up too. First-time buyers also bumped their spending level last year, averaging $33,800, up 22% from 2015. By contrast, long-term owners saw just a 3% rise in average spending year over year (YOY).

Read the full 2017 Houzz & Home Report here.