Not marriage or kids: Home-buying millennials want space for their dogs
Posted August 10
Raleigh, N.C. — One third of young adults in America say having a yard for their dog influenced their decisions to buy their first homes, according to a poll conducted last month.
The poll, conducted by Harris Poll for SunTrust Mortgage, found that 33 percent of first-time home buyers between the ages of 18 and 36 purchased a place to have more space for a dog. Dogs ranked third in the list of reasons young adults bought homes, ahead of marriage (25 percent) and the birth of a child (19 percent).
Only two factors outweighed dogs: the desire for more living space (66 percent) and the opportunity to build equity (36 percent).
"Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home-buying decisions," SunTrust Mortgage President Dorinda Smith said in a news 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."
The poll asked 412 adults between the ages of 18 and 36 about their home-buying decisions—248 of respondents had already bought their first home, and 135 had not.