Earlier this year, Zillow reported that people who decided to make the move to another state in 2020 largely relocated "to areas with homes that were, on average, both larger and less-pricey than in the areas they moved from."
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But that doesn't mean that new homeowners will be rolling in dough. There's still work to be done, of course.
"With millennial first-time buyers taking advantage of record low mortgage rates and jumping into homeownership, many are likely unaware of the projects they may have to undertake to get their new home move-in ready," a release detailing the study explains.
These insights come from both Thumbtack's home project data and a sample of 1,000 U.S. adults surveyed.
If you're curious about what projects people are most interested in taking on — and investing their hard-earned dollars in — the new data pinpoints these as well. From the surveyed parties, 22% are excited to do some interior painting, while 12% look forward to wallpaper installation and a kitchen remodel. Tasks like bathroom renovation and painting cabinetry rank lower (5%).
According to the study, some of the common projects with the highest average prices include HVAC repairs and evaluation ($3,615), exterior paint ($2,415), and tile repair and installation ($1,620). These are just a few possible projects and the list can feel endless — plus, these prices likely vary depending on your location. Of course, it all depends on how much you want to change the space beyond just the basic, practical needs.
It turns out many hopeful homeowners will get sticker shock from these numbers. The study reports that "the average millennial expects to pay between $10,000 and $15,000 to make a home move-in ready."
You can see the full research and survey findings here.