Forget marriage, children and settling down as reasons to get on the property ladder, because it turns out Gen Ys are more interested in buying homes for their dogs.
Yes, you read that right: having enough space for furry friends is a top priority for millennials when they’re finally ready to purchase their first home.
According to a survey conducted by SunTrust mortgage, 33% of millennial’s identified bigger yards and dog-friendly living spaces as a reason for buying.
To put that into perspective – getting married received 25% and having children – just 19%.
SunTrust Mortgage CEO Dorinda Smith explained this shift in priorities from older generations, stating: “Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home-buying decisions. 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.”
And for those yet to buy a home? 42% indicated that their desire to have a dog would be a key factor in their decision.
