Dive Brief:

• Millennials may be slow to enter the housing market, but when they do, they spend a lot of money on remodeling and decorating, the fourth annual Houzz & Home survey revealed.

• The survey of more than 170,000 U.S. homeowners, which Houzz claims is the largest poll of residential remodeling, building and decorating activity published, also noted that kitchens are the top remodeling project among homeowners of all ages. Baby boomers spent more on kitchen renovations than millennials, the report said: $45,200 for a large kitchen project versus $26,300.

• 84% of homeowners in the survey hired a professional remodeler last year. Among them, 44% used a general contractor, while 48% managed their own projects and hired specialty trades, like electricians, plumbers or painters, on their own.

Dive Insight:

The challenges homeowners face when remodeling were similar across age groups, the study reported. For example, one-third of all survey respondents said they had trouble finding products and remodeling professionals, and all generations dipped into savings or used personal finances to pay for their jobs — although more millennials, who were twice as likely as boomers to struggle to pay for their renovations, charged the fees on their credit cards.

About a quarter of all homeowners installed smart home technology as they renovated last year, and about 20% ranked making their homes more healthy as important. Interestingly, the wealthier the homeowner, the less important health concerns were during renovations.

Among homeowners older than 60, more than half said aging in place is a top concern. During renovations last year, 60% of older respondents improved accessibility, and 69% updated their bathrooms with aging in mind.

View the full report here.