Dogs are a priority for this demographic.
A third of millennial-aged Americans who purchased their first home say the desire to have a better space or yard for a dog influenced their decision to purchase their first home, according to a new survey.
Dogs ranked among the top three motivators for first-time home purchasers and were cited by more millennials than marriage/upcoming marriage, 25 percent, or the birth/expected birth of a child, 19 percent.
The poll was conducted online by Harris Poll on behalf of SunTrust Mortgage, a division of SunTrust Banks Inc. (NYSE: STI). It included 412 U.S. adults ages 18-36, among whom 248 purchased their first home and 135 have never purchased a home.
Only the desire for more living space, 66 percent, and the opportunity to build equity, 36 percent, were identified by more millennials as reasons they purchased their first home.
"Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home-buying decisions," Dorinda Smith, SunTrust Mortgage president and CEO, said in a press release. "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."
Among millennials who have never purchased a home, 42 percent say that their dog – or the desire to have one – is a key factor in their desire to buy a home in the future, suggesting dogs will also influence purchase decisions of potential first-time homebuyers.
"Millennials are trending toward homeownership," Smith said. "Demand among millennial-aged, first-time homebuyers is robust, and we expect them to continue adding strength to the housing market."
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