Millennials haven't ruined homebuying. They're just not doing it for children or marriages as much as they are for their dogs.
A recent survey found that one-third of millennial homeowners (ages 18 to 36) wanted a house to provide space for their dogs, Time reported.
"Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving homebuying decisions," said Dorinda Smith, CEO of SunTrust Mortgage, which had Harris Poll do the survey. "For those with dogs, renting can be more expensive and a hassle; homeownership takes some of the stress off by providing a better living situation."
The survey asked recent homebuyers the reason behind buying their first home. Their dog was the third most commonly cited reason, Time reported. Pups were above children and marriage on the list of reasons.
Plus, 42 percent of millennial survey participants who haven't bought a home said that a dog (one they own or hope to own) would be an important factor in why they would buy a house.
The top two reasons were more living space and building equity, cited by 66 percent and 36 percent of survey participants, respectively.