I have known for quite a while that millennials are buying houses in large part because of their dogs or ambition to get a dog. Now there is a survey that proves it!
Suntrust found that “Better space/Yard for dog” was the number three reason millennials are buying homes a response of 33%. Only gaining equity (36%) & more living space (66%) were number 1 & 2 reasons. Marriage (25%) & Children (19%) were number 4 & 5.
“Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home-buying decisions,” said Dorinda Smith, SunTrust Mortgage President and CEO. “For those with dogs, renting can be more expensive and a hassle; home ownership takes some of the stress off by providing a better living situation.”
42% of the respondents who have not bought a house yet said their dog or the desire to have one is a key factor in their desire to purchase a home.
Costs of Having a Dog in an Apartment
This article discusses the various pet deposits, fees, and rents that are being charged today. With it becoming even more expensive to keep a dog in an apartment, and the lack of space, it makes sense that more and more people are choosing to purchase houses.
House as the new marriage “proposal”?
In my experience, more and more millennials are buying houses together before they get engaged or married. My now fiancé bought a house for us to live in 4 years ago before we were engaged. I basically summed it up that the house was like an engagement ring 🙂 As if buying a house together is the new “proposal.”
Leave me a comment – Where does a dog fit in your priorities of buying a house?
If you are interested in purchasing a home and want to talk to an experienced real estate professional, feel free to call Maggie at 404-804-6405.