50% of millennial homeowners are reluctant to approach banks for a loan. 50% of millennial homeowners say they’re “hesitant” or “anxious” to approach their bank for a loan. Compare that to non-millennial homeowners (ages 35 and up): 26% feel neutral, and another 23% even feel calm.
45% of millennial homeowners want to renovate their space. 11% have begun a renovation in the last 5 years, 15% say they plan to start renovating in the next year, and 19% say they’re saving money for future renovations.
SAY NO TO BANKS? HALF OF MILLENNIALS ARE HESITANT TO TAKE OUT BANK LOANS
RISKY SPENDING: 1 IN 5 MILLENNIALS PREFER TO FINANCE WITH CREDIT CARDS
16% of millennial homeowners say they’re most likely to finance a home renovation with their credit card, while only 9% of non-millennials agree. Could credit cards—with typically higher interest rates than personal loans—be on their way in, and banks on their way out?
To conduct the Millennial Home Renovation Survey, the data scientists at Hearth [https://www.gethearth.com/]—a fintech startup that helps millennial home buyers find affordable, risk-free loans to finance renovations—asked 2,000 American homeowners about their opinions on home finance and renovations. survey of 2,000 American homeowners, conducted on May 16, 2017)