We’ve all heard how millennials are slow to buy homes, as they’re weighed down by student debt and more at ease renting or moving back home with mom and dad.
Well, it looks like things are finally changing.
The reason behind that change is a cold nose and a fluffy tail.
One third of millennials surveyed by SunTrust Mortgage said they bought their first home because they needed space for their dog. In fact, more millennials list dogs than marriage or children as a factor in home-buying decisions.
“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 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.”
“Millennials are trending toward homeownership,” she added. “Demand among millennial-aged, first-time homebuyers is robust, and we expect them to continue adding strength to the housing market.”
SunTrust provided additional information on the survey and useful tips on buying your first home here.