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Mans Best Friend

Dog, Millennial The trials and tribulations of apartment life, though simple and sometimes more cost effective, can be frustrating. Some of those frustrations, at least for dog owners, is having to hook up the leash and go for a walk every time their dog needs to go outside or not having enough room for them to run around. It turns out, according to an online survey by Harris Poll on behalf of SunTrust Mortgage, a division of SunTrust Banks, having a better space for their furry friend is the No. 3 reason millennials are looking to buy their first home.

More important than the birth of a child (19 percent) and marriage (25 percent), 33 percent, or one-third of millennial first-time homebuyers were motivated to buy because they want a yard for their pooch. Building equity (36 percent) and having more living space (66 percent) were the only two things cited more by millennials as the reason to move into a house.

"Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home-buying decisions," said Dorinda Smith, SunTrust Mortgage President and CEO. "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."

Canines can be an expensive investment when renting, from pet deposits in the hundreds to monthly “pet rent.” According to the report, 42 percent of millennials say that their dog, or aspiration to have one, will eventually be the primary reason they look into buying a home in the future. That means looking into the future, renters with dogs might be the way to market.

"Millennials are trending toward homeownership," Smith added. "Demand among millennial-aged, first-time homebuyers is robust, and we expect them to continue adding strength to the housing market."

About Author: Brianna Gilpin

Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation's leading diversified media and information services companies. To contact Gilpin, email [email protected].
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