The Younger Generations are having a love affair with pets, so much so that they are often now putting their furry friends’ needs at the top of their list when shopping for a home. Some luxury landlords had been catering to this trend for years, putting in dog runs on rental tower roofs and pet salons off lobbies. Now more “Millennials” are buying homes, and seeking the same amenities.
A full 73% of “Millennials” currently own a pet, according to the American Pet Products Association. That is a larger share than any other demographic. For buyers it’s even bigger. A whopping 89% of “Millennials” who bought a home so far this year own a pet, according to Realtor.com.
Keeping pets happy appears to be a “Millennial” priority. For this demographic, 79% of pet-owning homebuyers who closed on a property this year said they would pass up an otherwise perfect home if it didn’t meet the needs of their pets, according to the Realtor.com survey.
Owners with older pets often have concerns about stairs. More affluent buyers want a dog grooming station in the mud room. Also, being near pet-friendly restaurants and pet supply stores is a big plus, especially for young urban buyers who might not have a car.
Overall, more younger people are choosing not to have children, or are postponing having children until later in life. Even people with children are still looking at their fur babies as children too. These things should be taken into consideration when purchasing, or renting. Are you an animal owner, or are you a pet owner. Are you seeing an uptick in renters with pets?
*This article does not represent legal interpretation or advice. This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. Seattle Mortgage Brokers, LLC NMLS: LO# 305371 MB# 761615