According to Trulia, young adults aged 26 to 34 are having difficulty making the transition from signing rent checks to submitting mortgage payments on their first home. In previous decades, this demographic used to be the primary group to identify as first-time homeowners in single-family homes. Instead, Millennials -along with their older baby boomer counterparts in their 50s -are opting for multi-residential housing rental units rather than owning property, according to the National Association of Realtors.
This transition toward multi-residential housing impacts the paint and coatings industry and how products are sold and used. DIY projects and homeownership tend to go hand-in-hand, as the results can improve the value of a home. However, those who live in multi-residential homes tend to have less of a stake in their property. That leaves building owners with the task of improving temporary residences, often outsourcing these jobs to contractors. Similarly, as homeowners who previously took on DIY projects begin to grow older, trends show that they tend to delegate painting projects to professional painters as well.