According to an article in the Washington Post, young American millennials are less likely to be homeowners, car owners or parents than their predecessors, but they do love dogs!
Nearly 75% of Americans in their thirties have dogs, and according to a recent survey by SunTrust Mortgage, a third of millennials who already purchased their first home said they were influenced by the need to have space for a dog. While they may be delaying getting married and having children, they are seemingly using pets as a replacement for children. Millennial men, it turns out, are more likely to look for companionship in pets. Among those surveyed, 71 percent of men between ages 18 and 34 had dogs (versus 62 percent of women), while 48 percent had cats (versus 35 percent of women).
Other interesting tidbits and considerations:
The average dog-owning millennial first adopts when they’re 21, while the average age for Baby Boomers was 29.
The survey also found that 42% of millennials who had never bought a home said that their dog, or the desire to have one, would be a key factor in their decision to get on the property ladder.
Homeowners trying to sell and relocate may want to appeal to these pet-loving buyers when marketing their homes.
One might predict that relocation programs may see an increased need for covering pet transportation costs in the near future and possibly greater exceptions around pet relocation issues.
Are you hearing more about pet issues as your millennial employees relocate?
"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 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." The survey also found that 42% of millennials who had never bought a home said that their dog, or the desire to have one, would be a key factor in their decision to get on the property ladder.