Are Millennials still buying homes because of their dogs?

Surely you remember the swarm of articles that filled the media in 2017 about how Millennials weren’t buying homes for the same reasons as the generations before them. A survey was done which showed that 33% of millennials ranked their pets higher than marriage or kids as a reason for buying a home. But is that still the case today? It goes without saying that today’s market is drastically different than it was in 2017. So how has that changed the largest group of homebuyer’s motivations?

A new study was done by Zonda, which shows the reasons 43% of the buying market are shopping. That’s right, 43% of the market is made up of millennials, who range in age from 26 - 43, making the majority of them also first-time buyers. Check out their conclusions below:

 

I don’t see “needing more space for my dog’s extravagant lifestyle” listed as an option (which I am not ashamed to admit was my #1 reason for purchasing my first home). But we could in theory place it into two categories, “Change in life stage” and “I need more space,” leaning more towards the latter in comparison to the 2017 survey. Seems that these lifestyle motivators are being pushed slightly further down the line, whereas some financial benefits are rising to the top. 

Building equity for your future has always been one of if not THE driving factor in each generation’s desire for homeownership. Over the past few years, the benefit of having equity really revealed itself. When home prices are high and homes available are low, one of the best ways to get ahead of the competition is to use the assets you have available to you. For homeowners with 50% or more equity, they have more freedom to make their next move. Millennials haven’t had as much of an opportunity to build equity like their predecessors did. So starting sooner rather than later is the goal.

 

We also saw a massive shift in lifestyle over the past few years, but that seems to be settling down. Though plenty of us millennials are still hoping to buy our dogs (or children, or even just ourselves) the dream yard, in order to keep up, we have to keep our eyes on the prize - building our wealth for the long term. If you are interested in learning how you can start building equity now, we are always happy to help….and not just because we are desperate to meet your dogs!

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