What happens next Where's my refund? Best CD rates this month Shop and save 🤑
NATION NOW
Millennials

Millennials are influenced more by dogs than marriage, children when buying a home

Sydney C Greene
USA TODAY
According to a recent Suntrust survey, a third of millennials were influenced more by dogs than marriage or children when purchasing their first home.

Millennials really love their puppies, and now, it's starting to show in their home buying. 

According to a recent survey by SunTrust Mortgage, 33% of Millennials were influenced more by dogs than marriage or children when purchasing their first home. The desire for more space and opportunity to build equity were the only two factors that topped having room for a dog.

Among Millennials who have never purchased a home, 42% said their dog, or desire to have one, would influence their future home-buying decisions. The survey said this suggests dogs might also influence purchase decisions of potential first-time homebuyers.

“Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home-buying decisions,” Dorinda Smith, SunTrust Mortgage president and CEO, said in a statement. “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.”

Smith said while Millennials purchasing homes is on the rise and trending, their reasons for buying homes are different from previous generations. 

“Millennials are trending toward homeownership,” Smith added. “Demand among Millennial-aged, first-time homebuyers is robust, and we expect them to continue adding strength to the housing market.”

Related

Millennials may be far from retirement, but think ahead with 401(k)

Meet 'Joon,' Air France's new airline for Millennials

More groceries, less travel: Millennials spend more on necessities than older generations

 

Featured Weekly Ad