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The real reason millennials are buying homes

Property markets around the world are hard to get into, but this is especially true for millennials.

A global study conducted by HSBC found that Australian young home buyers are somewhat behind their international counterparts - only 28 per cent of millennials on this side of the world have bought a home, with the global average ahead at 40 per cent. 

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It's not hard to understand why millennials are taking longer to get into their own homes though. Property prices are higher than ever and, according to some analysts, they've been controversially accused of spending too much money on 'smashed avocado toast' at brunch. But there's one thing millennials love more then their smashed avo, and it's giving them reason to save. 

It's their dogs. Well in the United States at least.

 

Dogs give millennials a reason to buy a house

Millennials are finding a way to have their smashed avos and feed them to their dogs too. A study released by SunTrust Mortgage found that a third of millennials in America who purchased their first home did so with their dog in mind. In fact, pups ranked as a top three motivator for first-time home buyers - more than both marriage and having a child!

"One of our requirements was a big window to look out the window and watch some doggie TV. As a terrier, he's really interested in watching small furry creatures," said pet owner Erin Dreilling to MarketWatch.

 

Australian pet owners

These statistics may well be American based, but there are more than 25 million pets in Australia, according to the RSPCA. Certainly, it’s harder to find a pet-friendly rental property (though not impossible) that is spacious enough to meet the satisfaction requirements of both you and your dog. So it's not unreasonable to think that this trend could very much drive the younger generation of Aussies to pursue home ownership.

Big back yards to run around in are only one of the benefits of having your own home. Dogs often come with the risk of property damage, hence why so many Landlords don't allow them, house trained or not. Purchasing your own place completely illuminates this issue from the picture.

If you want help finding the perfect home for you and your pooch, reach out to our team here at First National Real Estate. We can show you around the best dog-friendly neighbourhoods in town. If you’re looking for a Pet Friendly rental, check out our Pet Friendly search here.

 

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The following advice is of a general nature only and intended as a broad guide. The advice should not be regarded as legal, financial or real estate advice. You should make your own inquiries and obtain independent professional advice tailored to your specific circumstances before making any legal, financial or real estate decisions. Click here for full Terms of Use.

 

 

Topics: First Home Buyer, Buying

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