Mortgages going to the dogs for first-time buyers

by Steve Randall27 Jul 2017
Among the many factors considered by first time homebuyers when purchasing a new home is ensuring it’s appropriate for their four-legged friend.

Millennial first time buyers rank its dog-friendliness as the third most important factor (33%) – more important than an upcoming marriage (25%) or the birth of a child (19%).

The poll for SunTrust Mortgage found that only the desire for more space (66%) and the chance to build equity (36%) ranked higher than ensuring the best home for their pooch.

"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."

Providing a great home for their dog is even more important among those millennials who have yet to make the move into homeownership (42%) which suggests that real estate agents would do well to highlight listings that are dog-friendly to appeal to young buyers.

SunTrust Mortgage says that the millennial first-time buyers’ market is showing positive signs.

"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."

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