It took them a while, but millennials are now powering the real estate market. So, what is driving their home buying decision? Is it marriage, children, more living space or dogs?
Millennials are growing up and settling down. They make up 35% of the population and their ages range from 18-36 years old. While settling down for previous generations usually consisted of marriage and starting a family, millennials are putting that on hold. Instead they are focusing on their professional goals and paying off student loans, and opting to adopt dogs to fulfill their caregiving needs.
According to a recent study conducted by Harris Poll on behalf of SunTrust Mortgage 33% of millennial home buyers made their purchase decision influenced by their furry friends; outranking marriage (25%) and children (19%).
It is no secret that millennials love their dogs, so it is only natural for them to want more space for them to run and play. Even millennials that have not entered the real estate market yet will be prioritizing their furry friends when making their home buying decisions. 42% of those who were surveyed stated that their dog is a key factor in the home choice.
Buying a home will free dog owners of the many hassles that come along with apartment renting (dog weight/breed restrictions, additional fees and charges) and will allow those who have been putting off dog ownership due to apartment restrictions to adopt their dog-breed of choice.
Dogs are Cheaper than Kids
While many millennials are getting married and beginning to have kids, some choose to wait or not have any children at all. Which is not hard to believe since many millennials are not as financially stable as previous generations due to the amount of college debt most graduate with. However, this isn’t stopping millennials from settling down and starting a family of their own. Dogs allow these young adults to give love and start a little family that is within their financial means.
Looking to buy a home for you and your furry friends in 2018? Visit www.lennar.com to find the community that is right for you.
