Millennial homebuyers want space for the dog

Young people are more motivated to buy a home to have a yard for their dog than they are by an upcoming marriage or the birth of a child, according to a new survey done for SunTrust Banks Inc.

In the survey, conducted online by Harris Poll on behalf of SunTrust Mortgage, a third of millennials who purchased their first home said they wanted better space for a dog or a back yard.

That was the third most popular answer from the group, aged 18 to 36. Wanting more living space was No. 1 at 66 percent, and the opportunity to build equity, was second at 36 percent.

A marriage or upcoming marriage was cited by 25 percent of survey respondents, while the birth of a child or expected birth was cited by 19 percent.

“Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home-buying decisions,” said Dorinda Smith, SunTrust Mortgage President and CEO. “For those with dogs, renting can be more expensive and a hassle; home ownership takes some of the stress off by providing a better living situation.”

Among millennials who don’t own a house, 42 percent say that their dog — or the desire to get a dog — is a key factor in their desire to buy a home in the future.

Mark Meltzer, Executive Editor - Atlanta Business Chronicle
Orlando Business Journal