>> 50% of millennial homeowners are reluctant to approach banks for a loan.
To conduct the Millennial Home Renovation Survey, the data scientists at Hearth [https://www.gethearth.com/]—a fintech startup that helps millennial home buyers in find affordable, risk-free loans to finance renovations—asked 2,000 American homeowners about their opinions on home finance and renovations.
*** HEARTH MILLENNIAL HOME RENOVATION SURVEY ***
(survey of 2,000 American homeowners, conducted on May 16, 2017)
>> THE FIXER-UPPER GENERATION: HALF OF MILLENNIALS WANT TO RENOVATE
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
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.
>> 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?