Millennials are now leading the pack of home buyers, and what’s one incentive driving them to take the mortgage plunge? Their dogs.
A recent survey conducted by Harris Poll on behalf of SunTrust Mortgage found that 33 percent of millennial home buyers’ decision to buy a home was driven chiefly by their dog. Furry friends outranked wedding bells (25 percent cited marriage as their top motivator for buying a home) and kids, too (only 19 percent said birth of a child was their prime incentive).
And even those millennials who don’t yet own a home but are planning to are prioritizing pups, with 42 percent of those surveyed by SunTrust saying a dog — present or future — is a key factor in their home purchasing decisions.
What Home-Buying Dog Owners Need to Know
Everybody needs love and also, everybody needs a place to live. Anyone with a dog who has rented knows that the odds are stacked against them. Property managers tend to lump on fee after fee, along with tons of restrictions, if they’re even so generous as to allow a dog. The millennial who is ready to buy a home has possibly become sick and tired by the pricey rigmarole that goes along with renting with a dog. They want a place to hang their hat — and their pup's leash — without a big fuss.
But buyer beware: If you're purchasing a condo or an apartment, Home Ownership Associations can present similar obstacles for your pooch.