Dogs Factor Into Homebuying

When shopping for a home, Millennials often aren’t just thinking of themselves; they’re considering the needs of their furry companions.

One-third of people between the ages of 18 and 36 said that space or yard for a dog was a factor in buying their first home, according to a recent survey from SunTrust Mortgage.

Additionally, among Millennials who have yet to buy a home, 42 percent said their dog, or the desire to have one, will influence their homebuying decision in the future.

Having a dog isn’t always easy for renters. Even if pets aren’t outright forbidden by the lease, renters often don’t have enough space, both inside or outside, for their dog to run around.

“For those with dogs, renting can be more expensive and a hassle,” Dorinda Smith, SunTrust Mortgage president and CEO, said in a statement. “Homeownership takes some of the stress off by providing a better living situation.”

According to the poll, 66 percent of respondents said the need for more space in general was the biggest influence for buying a home, the most common response. Young adults also took into account equity (36 percent), marriage (25 percent), and the birth of a child (19 percent) when making their purchase decision.

The survey sought responses from 412 U.S. adults between 18 and 36, of which 248 had purchased their first home. A 2016 survey from Mintel, a market research company, found that 71 percent of men and 60 percent of women between 18 and 44 own a dog, compared to 50 percent of American men and women of all age groups.