Pet Perks Play Pivotal Role in Home Purchase Decisions, Ally Survey Finds

Results from a new survey suggest that home buying is going to the cats and dogs – at least as it relates to purchase and organization decisions, Ally Financial reports.

Of the 1,000+ US adults aged 25+ surveyed by Ally Home in April 2021, 44% percent say they consider their pets’ needs before renting or purchasing a home.

The latest survey from the residential mortgage lending arm of Ally Bank found that 20% of Americans bring their pets to look at homes, with 24% of women and 15% of men welcoming their faithful companions on the house hunt.

Nearly a quarter (24%) of respondents say having a dedicated space for pets is a major consideration when organizing a home.

Millennials are more likely than other demographics to report that pets influence their home decisions, including making changes in a home because of a pet (32%), creating a dedicated space for their pets (26%), or buying a bigger bed for nighttime snuggles (11%).

Perhaps influenced by time spent at home during the pandemic as well as rising home prices and low inventory that make moving a challenge, renovations are top of mind for homeowners.

Thirty-one percent of women and 24% of men say they spend a lot of time fantasizing about renovations. And the pandemic has impacted home layout preferences, too, with 8% of Americans saying they used to like open floor plans, but now prefer divided rooms.

Other survey findings include:

Unprepared for repairs

Nearly half of homeowners surveyed (48%) wish they were more prepared for the cost of home repairs. More than half of Millennial homeowners say repair costs were a surprise (55%), while 45% of Boomers that own homes also lament repair costs.

“That lawn won’t mow itself”: 42% of Millennial homeowners say they’re surprised about the amount of work required for yard maintenance.

36% of survey respondents say monthly utility bills gave them sticker shock.

Home is where the renovation is

While nearly half (49%) of homeowners acknowledge renovations almost always cost more than the original budget, 48% of homeowners reported plans to undertake a renovation this year.

Second guessing second homes

Only 6% of survey respondents own a second home and more than half (54%) expressed a low likelihood of purchasing one as a result of the pandemic.

For those considering a second home, only 17% are interested in a city location vs. 34% who are interested in being near the ocean and 24% who prefer to be near mountains.

Perspectives related to second homes are generational: while 64% of Boomers said the pandemic hasn’t impacted their likelihood to buy a second home, 32% of Millennials say they’re no longer considering second home ownership.

Copyright Today’s Credit Unions