Millennial home buyers are on the rise. Millennials, the generation ages 18-36, are often talked about in the media. Usually cited for generational differences, now they are entering the stage of life that many older generations can empathize with: home buying. According to Ellie May, a software company that analyzes mortgage data, millennials are the largest group of home buyers.
SunTrust Mortgage recently conducted a survey, and the reason why millennials are buying homes is unexpected: their dogs. 33% of respondents said they needed more space for their pets as the leading factor for purchasing. Their dogs came before answering marriage or children, which may be a shock to older generations.
Out of the 412 polled, 248 were first-time homeowners. Renting can often be very difficult for pet owners, dealing with mandatory fees and cleaning. Apartments also don’t lend much outside space for pets to roam around. Having the option to let the dog outside is very appealing to many millennials, it seems.
Though this generation is among the largest group of homebuyers, the market right now is tough for anyone looking to purchase a home. “Millennials are mostly first-time buyers and they are competing against repeat buyers who have more buying leverage and experience,” said Brian Morris, Branch Manager Atlantic Bay Mortgage Group of Raleigh. He added that Millennials recently became the dominant group of users searching for homes on the website. Rising home and rent prices can make it difficult for many first-time buyers and young people still establishing their careers to save for a down payment.
However tough it may be for anyone to buy a home, we think that pets are a great reason to have a home that suits your lifestyle. Looking for a home in your area of the Triangle like the CalAtlantic Homes featured in this article? Use our homefinder to make your search easier! We have a huge network of builders with homes all over the Triangle that are sure to meet your needs – and your dog’s!