Builder Online recently published a study conducted online by Harris Poll on behalf of SunTrust Mortgage, a division of SunTrust Banks, Inc. which asked millennials (ages 18 -36) about their reasoning for purchasing a home. Perhaps most surprising, Dogs were the ranked among the top 3 motivators for first time home buyers.
As birthrates have declined in the US, pet ownership has only risen in recent years. Only the desire for more living space and opportunity to build equity were ranked higher by millennials as reasons for purchasing a first home.
Among millennials who have never purchased a home, 42% say that their dog – or the desire to have one – is a key factor in their desire to buy a home in the future, suggesting dogs will also influence purchase decisions of potential first-time home buyers.