“For the second year in a row, Millennials make up the largest group of homebuyers, seeing the value of this smart investment,” said Amy Bonitatibus, Chief Marketing and Communications Officer for Chase Home Lending. “And many are jumping into plans to take their fixer-uppers and turn them into their dream homes. Nearly 95 percent of the Millennials said they planned some kind of renovation in the next three years. We meet with this generation of homebuyers every day to provide expert advice on purchasing and financing improvements.”
Jon Kaplan, Global Head of Partnerships, Pinterest, said, “Chase and Pinterest have similar missions in helping people make their dreams a reality. The partnership between our companies on the Chase Dream Boards visual interactive experience demonstrates the way in which we’re able to offer personalized recommendations that deliver unique value and guidance to potential home renovators. We’re excited to continue growing our partnership with Chase and look forward to bridging the gap between inspiration and action for Chase customers.”
“Whether starting a long-awaited bathroom remodel, or revamping your outdoor space just in time for the summer, collaborating with a trusted advisor throughout the home renovation process is so important,” said Drew Scott.
“By working side-by-side with homeowners, Chase is making it easier for customers to understand how to build home equity and create the home of their dreams,” said Jonathan Scott.
According to the National Association of Realtors, in 2017, 89 percent of Millennial buyers bought a previously-owned home, which are often more affordable in the initial purchase, but also require improvements. Buyers are turning to Pinterest for inspiration surrounding projects big and small, with budget-conscious DIY projects—rooted in practicality—up as much as 300 percent from just one year ago. And projects like a closet overhaul are increasing over 7,000 percent in year-over-year search results.
The data shows that those homeowners looking to remodel are regularly searching Pinterest for creative inspiration and action, but are also actively considering important factors such as financial planning. These Pinterest users are more than 1.5 times as likely to search for topics on budgeting.