This topic has been in papers, on the news and discussed on every platform of social media – millennials. Many articles and some of my blog posts have mentioned millennials in the real estate marketplace. If you have read any of these articles/blogs you will know that millennials want a more tech savvy and eco-friendly living environment. However, 42% of these buyers want something that hasn’t been touched on until recently and that is additional yard space. Not for their kids – but for their four-legged companions.
Only buying a house for more space and to build up equity surpassed buying a home to accommodate a dog – even surpassing the birth of a first child.
But how may this affect the real estate market and just what are these types of buyers looking for?
Anyone who owns a pet – especially a dog, knows that they need lots of space. Therefore, millennial dog owners are likely to steer towards neighbourhoods that have big backyards or a park nearby. Also, for those millennials who don’t mind a commute to work may opt for a rural area.
However, location isn’t the only important aspect to consider when buying a home to suite your pets. Millennial home buyers will be looking for a home with ample windows so if pets are inside they can watch and enjoy the outdoors while you’re at work.
Stairs may not be as popular with animal loving millennials as they are a challenge for younger animals as well as senior ones.
Many animal enthusiasts also have an appreciation for a mud room. Animals can get messy and a mud room gives pet owners the advantage of cleaning their pet before they enter the actual home. Some home builders have even gone as far as adding a small walk-in shower in the mudroom for this reason.
Some may want a home with little carpet which is not ideal for house training pets. Also, a home with lots of cupboard space for dog food, toys, leashes etc.
According to a recent study from a business solutions agency 44% of millennials see their pets as “starter children,” so it’s no wonder they are influencing their home buying decisions.