Millennials are facing unique hurdles in homebuying, but the generation may have the right mindset for what it means to be a homeowner, Home Depot Chief Financial Officer Carol Tomé told CNBC Monday.
Thirty-three-year-olds made up the largest group of first-time homebuyers in 2018, and they’re buying with investing in mind, she said.
“They’ve told us through our research, ‘We want to work on our house because we think it’s a good investment,'” Tomé said in a one-on-one interview with “Mad Money’s” Jim Cramer. “So that’s music to our ears.”
Homeowners that think of their dwelling as an investment, as opposed to an expense, tend to spend more money on their home, she said. Home equity values — the difference between property value and what’s owed — have more than doubled within the last decade, and that has helped boost sales at the home improvement chain, she added.
In 2018 alone, homeowners with mortgages caught a more than 8% increase in equity, totaling about $678 billion of…