What is motivating millennials to purchase their first home?

As it turns out, millennials do want to own a home, it’s just for a different reason than we think. A recent survey conducted by Harris Poll found that 33 percent of millennials say their dog motivated the purchase of their first home. They want to create a better life for their furry friend by getting more space or a yard. The study found that dogs outranked marriage, which only motivated 25%, and the birth or expected birth of a child, which influenced 19%. For respondents who have yet to purchase a home, 42% said their dog is an important factor in their desire to buy a home.

Despite reports of Generation Y avoiding home ownership, a report by CNN Money showed millennials were the largest group of homebuyers in 2016. Renting can be more expensive for those with dogs and tends to be quite a hassle. Home ownership takes some of the stress off by providing a better living situation for both the owner and their pets.

The overall number of households with pets is a staggering 79.7 million. That is a 50 percent increase over the past two decades. In 2015, the American Pet Products Association found that young Americans were more likely than baby boomers to make purchases for their pets and take their pets to the vet more often. And this year, the APPA found that millennials surpassed baby boomers in pet ownership for the first time.

“Studies show that pets can help improve our cardiovascular health, improve immunity in young children and assist with therapy for autistic children and people suffering from PTSD.” says Bob Vetere, President and CEO of the APPA. Businesses and corporations have taken notice and have started catering to the love of and need for pets.

Dogs are near and dear to our hearts here at Griffin Funding. A portion of every loan we fund goes to Shelter to Soldier, a non-profit organization that rescues shelter dogs and trains them to be service dogs for veterans in need. We have sponsored 3 dogs so far in their program and are on our way to sponsoring another. STS is putting on a Charity Gala in September to raise money for their training programs for the dogs and veterans. Learn more by going to http://www.sheltertosoldier.org/event/shelter-soldier-5th-annual-benefit/

If you are millennial looking to purchase your first home or would like to know what sort of loan options are available to you then give us a call at 888-721-0003. One of our expert Loan Advisors will assess your needs and walk you through the process.

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