Dabl at Home
Pet-Friendly Spaces and Amenities are Driving Millennial Home Buying
Millennial homebuyers have been saying that their main motivation for buying a new house was so that their dogs could have a better life.
In the past, the most common motivations for becoming a homeowner included things like starting a family, getting married, or even financial incentives that make homeownership a superior investment to renting. Others favor the exclusivity of owning their own home, increased living space, and having a desire to build home equity. But lately, our priorities seem to be changing. Millennials, or adults between the ages of 25-40, seem to be most motivated to enter the housing market because they want to provide a better life for their dogs.
Let’s take a look at the numbers. According to a recent survey by the American Pet Products Association, 73% of millennials are proud pet owners. Out of the pet-owning Millennials who were surveyed, 79% said they would pass up a house that was perfect for them in every way if it wasn’t a suitable choice for their pet. Additional research found that 33% of Millennials who recently purchased homes did so because of their dog, and 42% of Millennials said their dog would be a key factor in future home purchases.
In order to provide their pets with the life they deserve, Millennials are looking for properties with more living space and a decent yard for their dog to safely run around. Dogs who live in apartments or smaller rental units can still live fulfilling lives when properly exercised through walks, doggie daycare, and play, but Millennial homeowners prefer the convenience of having the increased indoor living space and outdoor access for their dog to roam and play in the comfort of their own home.
In addition, Millennials look for opportunities to make dog-centric upgrades in their new homes, such as modernized doggy doors or luxury pet washing stations. If any of these pet-friendly upgrades have already been made, that’s even better! Millennials have been spoiled by landlords who catered to this pet-loving generation with things like luxury dog parks built on scenic apartment rooftops and pet spas scattered throughout complexes. Now, these young adults want to incorporate these modern touches into their homes to make their residence more pet-friendly for both themselves and visiting friends.
Speaking of apartments, renting or leasing an apartment or home with a pet can also be a huge hassle depending on your landlord’s requirements, your relationship with your neighbors, and where you live. While some landlords do cater to a pet-loving clientele, pet owners can also be hit with additional fees because of their dog or cat, such as a large pet deposit and potentially hundreds of dollars in monthly pet rent. It can also be difficult to find a rental unit or house where pets are allowed. While exceptions typically must be made to allow service dogs and emotional support animals to stay with their owners even if pets aren’t normally allowed, you could be moving into a hostile environment because the dog isn’t actually welcomed. Whether you are living on a pet-friendly property or not, if there are noise complaints or reported altercations with your dog your landlord could order you to remove your animal from the premises or face eviction. While being kicked out is an extreme scenario, at the best of times pet owners are typically dealing with strict regulations from their landlords and paying a lot more money to live in their apartment or rental home. Therefore, making the jump to homeownership means freedom from irksome pet policies and exorbitant rental fees.
Ultimately, Millennials joining the ever-competitive housing market isn’t a surprise. We’ve known this newest generation of homeowners has been buying and selling homes for a while now. While this news doesn’t really impact the state of the real estate market, it is at least somewhat surprising to learn that Millennials are putting their pets before themselves when making such a large financial investment.