Millennials are currently the leading homebuyers across the United States – but it may not be for the reason you may think.
Many times, when people think of purchasing a home, it’s with the intent of marriage or kids in the future – but according to a study done by Harris Poll for SunTrust Mortgage, the vast majority of millennials are purchasing their first homes because of furry friends instead.
You guessed it – dogs! The study showed that 33% of millennial home-owners stated their decision to buy a home was founded solely on the fact that they owned a pup. Another 42% claimed that a dog (either presently owned or one they were planning on getting in the future) was also a key factor in their home-buying decision, although it may not have been the only one.
Where do marriage and babies fall in comparison? 25% of millennials stated that marriage was their sole reason for deciding to purchase a home, and 19% stated that the birth of a child was their main factor.
These variables still fall significantly lower than those of the dogs. According to Lee Fowler, a real estate agent with Coldwell Banker Triad in Winston-Salem, North Carolina, it is not uncommon to see millennials looking for a home that will be comfortable for their pooch: “A lot of times they’ll go into the house, through the kitchen, and then walk right into backyard and say ‘This will work perfectly for my dog.’ Or they’ll look to see whether there’s a fence, or if they can make one for their dog.”
Dogs are certainly ruling this decision, so don’t be surprised if you find a client looking for a dog-friendly home. It is becoming more and more common as millennials age and decide to take on the responsibility of a fur baby – even if real babies aren’t on their minds yet.