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.
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“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.”
Read more at SunTrust
