Dogs, Kids, And Equity: What Millennials Consider In The Homebuying Process
Above all else, Millennials just want a little more room. In many cases, they need the space for their furry companions.
Two-thirds of people between ages 18 and 36 said that the desire for more living space was a factor in buying their first home, the most common reason listed, according to a new SunTrust Mortgage survey.
CNBC reports that 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.
A third of respondents also considered dog-related features, and 42 percent of people who hadn’t bought a home said that their dog, or the future plan to have one, would help convince them to buy instead of rent. Pets are forbidden in many apartments, and the buildings that do allow dogs often have small and inconvenient places for them to run around.
Many of the features first-time home buyers and dog owners are looking for in a house (big, fenced yards; walking-friendly neighborhoods; close proximity to a park; etc.) can also coincide with those of first-time home-buyers expecting a child.