50% of millennial homeowners are reluctant to approach banks for a loan.
Millennials are age 16 to 36. Birth years for a Millennial range from about 1981-2001, just as the birth-years for Baby Boomers ranged from 1946-1964.
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.
According to the Hearth Millennial Home Renovation Survey conducted this May, 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.
The survey also shows that millennial's are reluctant to take out a loan with a bank. 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.
What is interesting and somewhat dangerous about the millennial generation, 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?
