Millennials Are Buying Homes—but for a Very Specific Reason

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November 14, 2017

Millennials have gotten a bad rap throughout their short adulthood. They’ve been criticized as being narcissistic and entitled, not valuing the family, and being lazy, there is one aspect of life in which millennials are leading the pack.

Millennials are becoming pet owners much more than any other generation. 

According to the market trends research group Mintel, 75% of older Millennials own dogs while the average for Americans is only 50%. Not only this, but Millennials are willing to do a lot for the safety and comfort of their furry companions.

Though Millennials are often told that they’re ruining the housing market by not buying houses, there are some who are. In fact, for millennials who buy homes, their beloved companions are often a consideration.

According to a study by SunTrust, “A third of millennial-aged Americans who purchased their first house say the desire to have a better space or yard for a dog influenced their decision to purchase their first home.”

Instead of considering apartments or townhouses, these Millennials consider larger single-family homes with yards so their pets have space. Even for Millennials who are just beginning to consider homeownership, their pets are a main concern.

For the last several years, housing market statistics have claimed that Millennials are not buying homes, which has led to a fear of the changes this might make on the housing market. However, according to the “2017 Home Buyer and Seller Generational Trends study”, Millennials are not just buying houses, but have actually have become the largest buyer in the housing market.

Millennials are still buying plenty of avocado toast, but that isn’t keeping them from buying homes where they and their dogs can live in peace.

In other news, check out this list of top 10 dumbest dog breeds. Make sure your fur baby is on the list! Read it here

 

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