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Infographic: Why Are Millennials Buying Their First Home?

Young woman and dog playing in a back yard
 

One-third of millennial-aged survey participants (ages 18 to 36) who purchased their first home say the desire to have a better space or yard for a dog influenced their decision. Dogs ranked among the top three motivators for surveyed first-time home purchasers and were cited by more millennials than marriage/upcoming marriage or the birth/expected birth of a child.

Among surveyed millennials who have never purchased a home, 42 percent say that their dog – or the desire to have one – is a key factor in their desire to buy a home in the future, suggesting dogs will also influence purchase decisions of potential first-time homebuyers. Renting property as a dog owner can be more expensive and a hassle; homeownership can reduce stress. 

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*The survey was conducted online within the United States by Harris Poll on behalf of SunTrust Mortgage from June 28-30, 2017 among 412 U.S. adults ages 18-36, among whom 248 purchased their first home and 135 have never purchased a home. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.

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