Factors Motivating Millennials to Buy Homes

Factors Motivating Millennials to Buy Homes

Reasons Millennials are Buying Homes…Number 3 Will Surprise You!

A Harris Poll conducted on behalf of SunTrust Bank polled 18 to 36 year old’s who had just purchased their first home.

The average age of the Millennial buyer was 29.4 with an average FICO score of 724.
The loans were primarily conventional loan for $185,919 to purchase a home valued at $223,882.

What factors spurred these young people to decide to buy, and what were they looking for in their first home?
1. More Living Space – 66%
2. Building Equity / Wealth Building – 36%
3. Desire to Have a Better Space or Yard for a Dog (either for a dog currently owned or for a dog they hoped to acquire in their near future) – 42%
4. Marriage – 25%
5. Birth of Child – 19%

Looks like home buying has gone to the dogs!

A third of millennial-aged Americans (ages 18 to 36) who purchased their first home (33%) say the desire to have a better space or yard for a dog influenced their decision to purchase their first home, according to a new survey conducted online by Harris Poll on behalf of SunTrust Mortgage. (PRNewsfoto/SunTrust Banks, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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