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Young buyers most influenced by man's best friend

Posted by The Aramco Group on Mon, Jun 4, 2018 @ 14:06 PM

It seems like America's young people have a case of puppy love. According to a recent Harris poll survey, dogs not only play an important part in Millennials choice to a buy a home, their furry friends are considered even more than marriage and children.

One-third of all Millennial homebuyers (aged 18 to 36) surveyed state that having a yard or space for their dog was a bigger influence in their home purchase than raising a family. Only having more living space and the opportunity to build equity ranked higher than the needs of a pet dog.

In comparison, the volume of respondents who listed marriage as a factor was just 25 percent and children only influenced 19 percent of young homebuyers when making a home purchase. The generation known to break with traditional norms, Millennials are clearly concerned that the needs of their pooch are always met.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.5 percent, 15-year rates are near 4.0 percent and the 5-year ARM is averaging 4.0 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.