Millennials report home maintenance (74%) and
home improvement (68%) projects are the most stressful aspects of
homeownership; site created to help
ATLANTA, Aug. 23,
2023 /PRNewswire/ -- The Home Depot®
launched a New Homeowners Hub to equip the next generation of
current and future first-time homeowners with valuable resources
including DIY guides, product recommendations, design inspiration
and more.
According to a new survey conducted by The 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%) report worries about purchasing their first home,
along with starting a family (57%) and career advancement (52%).
Having to do renovations and home improvements is the most
significant hesitation about becoming a homeowner, with millennials
reporting that home maintenance (74%) and home improvement projects
(68%) are the most stressful aspects of homeownership.
"Our research has shown that 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 The 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:
- A New Generation of DIYers: 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.
- Paint vs. Plumbing: Millennials and GenZers were
most comfortable with redecorating (83%/86%), painting (~80%) and
routine yard work (81%); while well over half of the respondents
were most uncomfortable with electrical work, plumbing,
roofing/siding, and window/door projects.
- The Internet or Mom and Dad? Most young people would
turn to YouTube or other online videos (~70%) to learn how to
tackle DIY projects versus learning from a parent, family member or
friend (61% of GenZers and 54% of millennials would do so). In
fact, 90% of millennials and 92% of GenZ respondents said that
having access to a centralized resource that provides guidance for
first-time homeowners would be helpful to them.
From moving checklists to project guides, and virtual workshops
to design inspiration, the online hub brings The Home Depot's
expertise directly to customers. The virtual workshops provide
expert, step-by-step guidance on projects like how to paint a room,
replace light fixtures, install a faucet, or replace a garbage
disposal. In addition, a catalog of workshops teach the
fundamentals of caring for different areas of the home from HVAC
and plumbing to seasonal maintenance. Homeowners can find both
livestream and on-demand options, which they can access any time
and at zero cost.
For more information on the New Homeowners Hub, including tool
and truck rental programs and home services details, visit
www.homedepot.com/newhomeowners.
About The Home Depot
The Home Depot is the
world's largest home improvement specialty retailer. At the end of
the second quarter of fiscal year 2023, the Company operated a
total of 2,326 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs over 470,000
associates. The Home Depot's stock is traded on the New York Stock
Exchange (NYSE: HD) and is included in the Dow Jones
industrial average and Standard & Poor's 500 index.
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SOURCE The Home Depot