Homeowners Prioritize Household Usability Over Extravagence Regardless Of Income According To Exclusive Survey By Better Homes & Gardens And Traditional Home
DES MOINES, Iowa and ORLANDO, Fla., Jan. 10, 2018 /PRNewswire/ — Meredith Corporation – the leading media and marketing company with national brands serving more than 110 million American women including 70 percent of all U.S. female Millennials – today released findings from its 10th-annual «Home Factor» survey from Better Homes & Gardens and Traditional Home, focusing on attitude and behavior trends of homeowners in the U.S. This year’s research looked at the changing dynamics of homebuyer demands in the mass and luxury markets.
Findings revealed that «luxury» homeowners who make more than $125K a year and «mass» homeowners who make less than $125K a year have very similar priorities when it comes to their home and home renovations.
During a presentation at the 2018 NAHB International Builders Show in Orlando, Jill Waage, Editor-in-Chief of Traditional Home and Amy Panos, Home Editor of Better Homes & Gardens, delivered these findings and offered insight on the needs of today’s current and future homeowners.
«When it comes to their top priorities for their homes, these two groups have a lot more in common than you might think,» said Panos. «Regardless of their income, homeowners care about creating an inviting home that has useful, upgraded spaces for family and friends to enjoy.»
According to the survey, homeowners in both the luxury and mass groups are focused on spaces that are used by the entire family including the kitchen, bathroom and outdoor living spaces.
- Nearly 8 in 10 homeowners in both income groups are thinking about home improvement or decorating projects for inside their homes, with both groups agreeing on their top five next project priorities: Painting rooms; Replacing/adding flooring; Bathroom remodel; Decorating with furniture and accessories; Kitchen remodel
- Both mass and luxury homeowners agree on the top four living spaces they want most in their next home: Separate laundry room; Deck or patio; Upgraded kitchen; Upgraded bathroom
- About 6 in 10 homeowners in both income groups are thinking about a major home improvement or decorating project for the exterior of their homes, with both groups listing the same top three project priorities: Improve landscaping; Paint siding/trim; Improve overall curb appeal, with ‘Improve landscaping’ ranking by far the highest priority in both groups
However, the two groups differ when it comes to how they approach their renovations:
- 72 percent of luxury homeowners are willing to pay more for high-quality brands and products, while 78 percent of mass homeowners are willing to spend more time looking for bargains and deals to get the most value out of their money.
- While the majority in both groups are willing to tackle some home repairs on their own, luxury homeowners are more likely to outsource home repairs (21 percent luxury v. 14 percent mass), and mass homeowners are more apt to tackle all their projects on their own (14 percent mass v. 8 percent luxury).
- Significantly more luxury homeowners are planning an interior project that involves decorating/redecorating rooms with furniture and accessories (32 percent v. 24 percent mass) and changing or adding window treatments (23 percent luxury v. 18 percent mass).
Other findings pointed to a contrast in luxury homeowners’ desires in their future home’s size versus its features. On average, the survey found that luxury homeowners wanted their next home to be almost 200 square feet smaller than their current homes (2512.6 sq. ft. v. 2338.4 sq. ft.). However, significantly more luxury homeowners than mass report a desire for additional living spaces in their next homes including: additional bedroom with a private bath (62 percent v. 56 percent mass); home office (53 percent v. 42 percent mass); master suite with room for sitting area (50 percent v. 41 percent mass).
«Affluent consumers may indicate they want fewer square feet in their next home, but at the same time they also want the private spaces, luxurious finishes, and all the bells and whistles within that smaller square footage,» concluded Waage.
About the survey: The quantitative online survey was fielded October 13-22, 2017 among 1,209 U.S. female homeowners living in single family homes—half with household incomes under $125K and half with household incomes $125K or more. The sampling error for each group is +/- 4.0 percent.
ABOUT BETTER HOMES & GARDENS
Better Homes & Gardens serves, connects and inspires readers who infuse color and creativity into each aspect of their lives. Reaching 40 million readers a month via the most trusted print magazine, the brand also extends across a robust website, multiple social platforms, tablet editions, mobile apps, broadcast programs and licensed products. Better Homes & Gardens fuels our readers’ passions to live a more colorful life through stunning visuals, a balance of substance and surface, and a blend of expert and reader ideas. Better Homes & Gardens is published 12 times a year with a rate base of 7.6 million.
ABOUT TRADITIONAL HOME
As the largest upscale shelter magazine in America for more than 25 years, Traditional Home celebrates the union of timeless design with modern living inspiring 5 million design lovers to reinterpret classic elegance in a thoroughly personal way. From home, garden and green living to beauty, entertaining and travel, the magazine is a tribute to quality, craftsmanship, authenticity and family — a trusted resource that respects the past, lives in the present and embraces products designed for the future. For more information, visit www.traditionalhome.com
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SOURCE Meredith Corporation