Demand for renovations and remodeling is strong as young buyers purchase homes in need of some repairs and existing homeowners seek to upgrade their residence instead of moving, according to a recent survey by the home improvement site HomeAdvisor.

In its True Cost Survey, HomeAdvisor looked at the spending trends and influences for home improvement projects. A total of 1,012 homeowners were polled in March for the report, which is issued annually.

On average, homeowners said they spent $6,649 on home improvements in the past 12 months. Baby boomers (born between 1946 and 1964) spent the most, averaging $7,524 on these projects, while the Silent Generation (born between 1925 and 1945) averaged $6,825 in spending and Generation Xers (born between 1965 and 1979) spent an average of $6,582. The typical millennial homeowner (born 1980 to 1994) spent $5,693 on home improvements in the past 12 years.

However, millennials were also more active in sprucing up their residence, completing more projects per household than all other generations. The typical young homeowner completed 72 percent more projects than the Silent Generation, 42 percent more than baby boomers, and 18 percent more than Generation Xers. Millennials were also twice as likely as baby boomers to complete kitchen or bathroom remodeling projects.

Five out of six millennial respondents said they plan to spend at least as much on home improvements in the next 12 months as they did in the previous year. More than half said they expect their home improvement budget to be larger than it was the previous year.

"Most millennials have had to compromise on the size and condition of their starter homes – with many purchasing older homes in need of repair just to be able to afford homeownership," said Brad Hunter, chief economist at HomeAdvisor. "Many of the millennials who bought a home in the last few years are seeking to upgrade. But a lack of housing inventory, coupled with inflated home prices and rising mortgage rates, has them renovating their existing homes instead of selling and moving."

Younger respondents were twice as likely as older generations to say they were considering selling their home to buy a new one, and more than half said they wanted to move in order to get more storage space or a nicer home. However, HomeAdvisor suggests that these homeowners often opt to stay put due to the difficulties of finding a new home, instead tapping into the equity they have built up over a few years of ownership to personalize their home.

Overall, almost two-thirds of respondents said they would prefer to buy a new home to meet their needs. The top reasons for wanting a new home included upgrading to nicer features, getting more space, moving closer to family, having an easier commute, and simply being tired of their current home. However, 84 percent said they don't plan to sell their home in the next 12 months.

Interior painting was the most popular project planned among all homeowners, followed by landscape installation and bathroom remodeling. Other popular planned remodels included new floor installation, exterior painting or staining, new appliance installation, and kitchen remodeling.

Nearly one in four respondents said they plan to complete a bathroom remodel in the next 12 months. Fifteen percent said they are looking to upgrade their kitchen.

Thirty-five percent of respondents said a top reason for completing a home improvement was improving the property's aesthetic. One in four said the work would improve the home's comfort, and 19 percent said a main motivator was increasing the home's value.

HomeAdvisor cautioned that home improvement projects are often considerably more expensive than a homeowner's expectations. For example, the typical respondent anticipated that a bathroom remodel would cost $2,406, while HomeAdvisor's True Cost Guide puts the standard expense at $9,723. The average expected cost for a kitchen remodel was $4,773, while HomeAdvisor put the average national cost for this work at $22,134.