If there was ever a doubt millennials had anything but love for their canine companions, a new (but small) survey is here to debunk it all.
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According to a Harris Poll conducted on behalf of SunTrust Mortgage (a division of SunTrust Banks, Inc.), a third of millennial Americans who bought their first home did so to have more space for their dog.
Of the 412 participating U.S. adults ages 18 to 36 interviewed between June 28 and 30, 248 said they purchased their first home . One hundred and thirty-five millennials said they had never purchased a home.
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And of those who purchased their first home, 66 percent wanted more living space, 36 percent wanted to build equity and 33 percent said they wanted better space or a yard for their dog.
"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 news release. "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."
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Only 25 percent cited marriage as a motivator and 19 percent said they purchased a home due to the birth of a child.
Not only that, but of the 135 millennials who have never purchased a home, 42 percent said their dog is a key factor in future home-buying decisions.
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“Millennials are trending toward homeownership,” Smith said. "Demand among millennial-aged, first-time homebuyers is robust, and we expect them to continue adding strength to the housing market.”
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