Millennials are now the largest generational group in the United States. One-third of home buyers nationwide are millennials, and they have become the most active segment of buyers as they age from their 20s into their 30s. And as Millenials age, their considerations in buying are changing.

For years millennials have been flocking to urban areas. When responding to a National Association of Realtors survey taken 5 years ago, 51% of millennials preferred to live in attached housing–condos, townhouses and lofts located close to where they work and play. Millennials in their very early adulthood valued mobility over stability.
Over time, Millennials have been shifting their purchasing toward homes in the suburbs. The greater affordability of these homes makes the longer driving distances more palatable.  But having a yard for a dog is a significant inducement to Millennials that shouldn’t be underestimated.
A recent survey conducted on behalf of SunTrust Mortgage, found that 33% of millennials cited their dog as their number one motivator for purchasing a home. Getting married and the birth of a child were well behind at 25% and 19% respectively. Many Millennials who didn’t even own a dog at the time of the survey indicated they wanted to have a yard for a dog they planned to get someday.
As they shift toward the suburbs, Millennials still desire to be close to work and play. Walkability, public transportation, and bike paths will continue to be important. And while their dogs are their most important family members today, these suburban homes give Millennials room to grow.  For many of their generation, neighborhood schools and additional bedrooms/bathrooms, like their parent’s homes had, will become increasingly important to them down the road.