Tuesday, October 9, 2018 / by Alyssa Rodger
You ever wonder why kids these days (also known as millennials) are buying houses? Thanks to some.... we’ve discovered the number one reason millennials purchase real estate. So what is it? Is it when they get married? No. Is it because the market has been booming and they’re trying to take advantage of the low interest rates and increases in home value? Negative. What about millennials having their own children? Sure they are buying property because they need more space for their beautiful babies.
So, what in the world could be the #1 reason millennials are buying real estate? Are you sure you’re ready for this answer?
Millennials are the largest group of home buyers this industry has ever seen, and the reason they are making the jump from apartment or basement living is for their fur-babies. That’s right, their dogs.
A survey by Harris Poll on behalf of SunTrust Bank found that 33% of millennials purchased a home so they could have a yard for their dog. This outranked marriage as the primary factor (25%), and less furry children (19%).
But wait, this survey even found that those that don’t even own a home yet, but are planning too, are also giving their furry friends top priority. 42% of future home buyers said a yard for their pup would play a key role in their home buying search.
Having been a recent dog adopter myself (and if you haven’t seen a photo of my dog, find me on Instagram ), I absolutely get it. The dog search started with looking for a smaller breed so it would feel more comfortable in an apartment, yet even that isn’t enough. Not even a week after he’d been home I was dreaming of a big yard he could go out and play fetch in without having to stay on a leash every time he went outside. Maybe this is a reason it outranks children of their own, as we don’t (always) leash our children.
Or maybe there are just more millennials with dogs than those that fit other categories. While not entirely accurate, studies have shown 56% of millennials are said to own a dog (Pet Business magazine), while only 41% are married, and 53% have children (Fennell at Law).
My opinion? Yoshi needs a yard! He was bred to work on a farm, and I’m looking forward to the day he has a yard to call his own.