Millennials Have Non-Traditional Plans for HELOC Money – NMP Skip to main content

Millennials Have Non-Traditional Plans for HELOC Money

Mar 21, 2019
Millennial homeowners with access to home equity lines of credit (HELOCs) have plans for their money that stray from the traditional home improvement projects, according to a new survey released by Citizens Bank

Millennial homeowners with access to home equity lines of credit (HELOCs) have plans for their money that stray from the traditional home improvement projects, according to a new survey released by Citizens Bank.
 
In a poll of 1,003 homeowners, 87 percent of respondents with HELOCs stated they were optimistic about their property’s current value, with 74 percent claiming to be interested in starting a home improvement project within the next 12 months.
 
However, not all HELOC funding is going into the property, especially with Millennial homeowners – many members of this youthful demographic is planning nontraditional uses for HELOC money including financing a new business venture (45 percent), big-ticket purchases (44 percent), taking time off work to support or care for family (44 percent) and taking a vacation (36 percent vs. 17 percent).
 
“Whether consolidating debt, financing education or accessing emergency funds, HELOCs can enhance your life, not just improve your home,” said Brendan Coughlin, President of Consumer Deposits & Lending at Citizens Bank. “Property values are at record highs across most of the U.S., driving increases in consumer optimism. Having access to a HELOC provides real-time access to their growing home equity, giving customers flexibility to improve their home, manage their finances, and peace of mind in case of an unexpected expense.”

 
About the author
Published
Mar 21, 2019
Strong Jobs Report Threatens Mortgage Rate Rally

October hiring more than doubled expectations, pushing Treasury yields higher

Nov 06, 2026
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Oct 09, 2026