Industry Update – August 2017Posted 08/07/2017
Millennials Are Buying Homes Because of Dogs
The largest generation in U.S. history is finally getting in on the American Dream, but according to a recent survey, it’s not for reasons most would think. SunTrust Mortgage polled Millennial homebuyers who had already purchased their first home and found that one-third were influenced by the need for additional space for their dog – not kids or family, like generations before, but rather man’s best friend.
It’s widely known that Millennials love their four-legged friends, but not many experts would have predicted that dogs would rank above children and marriage for reasons to buy a home. Only the opportunity to build equity and obtain additional living space registered above dogs on the poll, at 36 percent and 66 percent, respectively.
As for Millennials who don’t currently own a home, the survey revealed that about 42 percent of them said their dog, or the desire to get a dog, would be a key factor in their decision to buy a home in the future.
No matter the reasons Millennials are entering the market, the fact remains: they are now and will be a major influence for many years to come. In fact, Millennials make up 66 percent of first-time homebuyers and 34 percent of homebuyers, overall. Furthermore, about 66 percent of Millennials are expected to buy a home within the next five years – equating to approximately 55 million people.
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