It took a little bit of time but Millennials are leading the way in recent home buying. Is their incentive based on the need for space, children, or multiple families? A recent survey found that one main reason is their dogs.
Thirty-three percent of Millennials home buyers said their purchase decision was driven by their dog according to a survey done by Harris Poll on behalf of SunTrust Mortgage. That outranks weddings (25 percent) and even kids (19 percent). Millennials that don't have a home yet are prioritizing their pups in their decision. 42 percent of those surveyed say a dog is a key factor in their home choice.
That outranks weddings (25 percent) and even kids (19 percent). Millennials that don't have a home yet are prioritizing their pups in their decision. 42 percent of those surveyed say a dog is a key factor in their home choice.
Sure, a dog is much cheaper than a child. But Millennials aren't skimping on the amenities when searching for their new digs. Homes with deluxe amenities for their pooch are outweighing the desire for a nice yard. Dog parks, pet-friendly trails, and fresh running water are a few things some look for in a neighborhood. It's not strange to find built-in dog washing stations inside these newer builds. Baby Boomers or Generation X may find this ridiculous, but Millennials are much more educated and aware of their natural environment. This, of course, includes animals.
Buyers beware, living with your pooch isn't the easiest. Ask any renter some of the struggles that come along with having your four-legged companion.
As a renter, it is not uncommon to be charged a monthly fee or deposit for your dog. Once you purchase your home, you're not necessarily in the clear. Most HOA's (Home Owner Association) allow you to have your dog(s), but have weight limits and/or exclusions on particular breeds. Sorry, Beethoven, you're going to have to find a different condo.
Make sure you do your research before putting in an offer on a home. The last thing you want to deal with is any headaches after you've been given the keys. Or maybe get a goldfish.
The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.
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