In recent years, millennials have become a dominant force in the housing market, and they’re bringing along some furry companions with them. The millennial generation — born between 1981 and 1996 — has a unique perspective on homeownership, and one notable trend among them is the desire for pet-friendly homes.
Our four-legged friends are playing a significant role in shaping the way millennials approach homeownership. Whether you’ve been a longtime animal lover or got a pandemic puppy, there’s no denying that people love their pets. In the following article, we’ll dive into why pets are top-priority for millennials, what kind of features are amenities they request, and how it impacts housing trends overall.
Millennials Are the Pet Parenting Generation
Unlike previous generations, millennials are waiting longer to start families and instead are focusing on their pets. Without children in the picture, they’re willing to go the extra mile to ensure that their pets are pampered just as much as any other family member.
According to Forbes, 66% of U.S. households own a pet, and millennials make up the largest percentage of current pet owners at 33%. A study reported by the New York Post even suggests that some millennials may love their pets more than their partners or siblings!
Pet-Friendly Features Matter
Millennials make up a growing share of homebuyers, so naturally, their needs are beginning to influence housing trends more and more. According to research by the National Association of Realtors (NAR), both buyers and renters are willing to pay extra to cover the cost of a furry friend. Realtors also say that a fenced-in yard is the number one request from clients with pets. Other features that are appealing to pet owners include larger spaces overall, pet doors for easy outdoor access, and durable, easy-to-clean flooring. In Urban areas, homebuyers with pets look for easy access to nearby parks and pet services.
How Pets Shape Communities
Beyond individual housing amenities, homebuyers want to live somewhere where a man’s best friend feels comfortable and welcomed. Neighborhoods with dog parks, pet-friendly cafes, and other amenities that cater to pets are highly appealing and may even go at a premium.
Millennials especially understand the importance of being forward-thinking when investing in a home. They understand that a pet-friendly home in a popular, dog-friendly community can have a higher resale value compared to a similar home in a less walkable or welcoming area. Therefore, a pet-friendly home is seen as a smart investment.
A Happy Pet Makes a Happy Home
Of course, the biggest reason why people care so much about their four-legged friends is because of the emotional well-being that they provide. Pets offer companionship, reduce stress and provide a sense of purpose. A home that allows for a harmonious coexistence between humans and their pets contributes to a happier and more fulfilling lifestyle.