Market Updates
The Unexpected Reason Why Millennials Are Buying Homes
There’s a driving force behind the fact that millennials are the largest group of homebuyers.
And no, it’s not because of marriage. It’s not because of kids either. So why do millennials buy houses? Mainly because of their pets.
It may sound crazy to people in older generations. Research backs it up. Did you know that 72% of millennials own a pet? According to a survey by Harris Pool for SunTrust Mortgage, 33% of millennial homebuyers bought a home because of their dog. Their love for dogs beats marriage. Only 25% said that marriage drove them to buy a house. Having kids isn’t the deal maker as well; in fact, only 19% of millennials say that kids are the reason for their investment.
Here are some other interesting statistics:
- 89% of Millenials who bought…
Hal Cranmer
Hal Cranmer has had a wild past. Born in India, he’s lived all over the world and started his working life as an Air Force Special Operations and Commercial airline pilot. After 9/11 brought him down from the clouds, he entered the corporate world and rose to the level of running a $36M machining plant. Yet from 2006 on, he caught the passion for real estate investing. He flipped a bunch of houses in Minneapolis and still owns several multifamily rentals there. Lately, he is into assisted living, and owns 5 assisted living homes in the Phoenix area. He loves to follow real estate trends, both locally and nationally.
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