These are the Dog Days When it Comes to Millennial Homeownership
A space for their beloved pets drives members of this generation to leave their parents’ homes
I just read a story in Realty Times about a surge in Millennial homeownership. According to a new survey conducted online by Harris Poll on behalf of SunTrust Mortgage, 42% of millennials who have never purchased a home say their dog – or the desire to have one – is a key factor in moving ahead.
A third of millennial-aged Americans (ages 18 to 36) who purchased their first home recently say the desire to have a better space or yard for a dog influenced their decision. Dogs ranked among the top three motivators for first-time home purchasers and were cited by more millennials than marriage/upcoming marriage, which came in at 25%, or the birth/expected birth of a child, which came in at 19%.”
Pets before kids
Homeownership isn’t the only thing Millennials have delayed. Marriage and kids – if they’re in the cards at all for Millennials – are waiting too. Pet ownership is not.
According to Pet Business, millennials are in age brackets that are commonly associated with the idea of “settling down.” But, rather than starting families with children, millennials are opting for buying or adopting pets to satisfy their caretaking needs.
Pet Ownership is on the rise
Pet ownership is up overall, led by millennials. The latest American Pet Products Association (APPA) National Pet Owners Survey shows that “Sixty-eight percent of American households now own a pet, accounting for 84.6 million pet-owning households, up from 79.7 million pet-owning households in 2015. Gen Y/millennial pet ownership has officially surpassed baby boomer ownership by three percentage points to now account for 35% of all pet owners.”
Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving their home-buying decisions. Those of us with dogs know that renting can be more expensive and a hassle. Owning a home takes away some of the stress by providing a better living situation for the pet and its human.
The fact that millennial home ownership is tied to dog love isn’t a surprise to me. I’m a dog lover myself and consider my own fur babies when it comes to making major life decisions like buying a home. If you’re interested moving to a dog-friendly space in Montecito, Hope Ranch or any of Santa Barbara’s upscale communities, please check out my comprehensive website then give me a call at 805.886.9378 or email me at Cristal@montecito-estate.com. Woof!