Today’s post was written by Susie Scott, The Patterson Group.
Marriage? Sure. Making room for family? Maybe. These are great reasons to buy a house, but they’re not among the top three factors that millennials say influence their decision when buying real estate.
In a recent survey by SunTrust Mortgage, one-third of millennials (defined as ages 18 to 36) cited the desire to have more space and/or a bigger yard for their dog as one of the biggest factors influencing their decision to buy a home. This came before marriage or an upcoming marriage (25 percent) and expanding for the birth or expected birth of a child (19 percent), and only after the desire for increased living space (66 percent) and the opportunity to build equity (36 percent).
That says good things for Alexandria real estate for two reasons. First, Old Town is known as a particularly dog-friendly place, with several dog boutiques, dog-friendly patios, and parks where canines can run around. Combined with the fact that one in three American labor force participants (35%) are millennials (see here) and therefore earning money that can go toward buying a house, this could bode well when the next crop of homebuyers decides to switch from rent to own. Larger lots—those that provide space for dogs to run and play—are generally found in suburban areas further from the city (a.k.a. Alexandria, Virginia).
Those who adore their dogs hate to leave them home alone for extended periods of time, which is why it’s great to have so many dog-friendly options nearby. Millennials looking for more space for their dogs should consider the numerous canine-welcoming amenities so close to (future) home in Alexandria, from the newly opened Founders Hall coworking space to The Dog Park pet accessories shop to riverfront Founders Park. Large backyards and the ability to dine outdoors with your canine friend right next to you—what more could millennial dog lovers ask for?