I was terrified when I first began looking at homes to buy. There is much to consider. One-bedroom or two bedrooms? Should I buy a home that accommodates my current family size, or one that is big enough in case we have an addition? Perhaps I should choose a home with a connected garage, so I am not soaked when I park? How do I conserve or increase home value?
Also, I am ashamed to admit that I am not a handyman. I was really worried about whether I would be able to able to afford to pay contractors. After all, things break down and require repair or replacement in a home. And usually at the most inopportune of times. There are just so many things to consider when buying a home. One should make a detailed list before even attempting to buy one.
What scared me the most about buying a home was paying for it. I knew too many people who had their homes foreclosed on because their ambition to own a home was stronger than their ability to realistically pay for it. About 625,000 American homes were foreclosed upon in 2018. That averages out to be about one out of every 215 homes. Even though it is 13-year low concerning foreclosures, it still is a worrying amount.
The average sized mortgage in 2017 was about $310,000 with a corresponding $1,500 in monthly mortgage payments. Keep in mind that the median annual salary for most Americans is barely $56,500. So, that means that most Americans pay at least $18,000 a year, give or take, in mortgage payments alone. A lot of consideration and compromise must be contemplated when buying a home.
Only you can decide what is a deal-breaker. Like, whether the family pet will be satisfied.
Millennials are the fastest growing demographic of note for American businesses. They are also one the largest group of people to own pets. About 73% of Millennials own a pet. This information caught the attention of Realtor.com, which then conducted a survey. Almost 90% of Millennials who bought a home in 2018 owned a pet.
About 80% of the Millennials surveyed by Realtor.com would give up on buying the home of their dreams if it didn’t perfectly suit the needs of their dog or cat.
Also, this isn’t about not having enough front-yard or back-yard space for their pets. Millennial pet owners want to know that they can afford their pets a higher quality of life if they buy a new home. People surveyed by Realtor were worried about whether there would be enough room for litter boxes or pet grooming areas in prospective homes. Some wouldn’t buy a home unless pet-friendly restaurants were nearby.
One prospective homeowner would only consider homes with enough room to add $12,000 in upgrades. This person wanted to add a pet-dedicated basement room complete with pet shower.
Millennials and Standards of Living
The average salary of most Millennials is less than $700-a-week, or about $36,000 annually. Some Millennials even make double that amount. Unfortunately, because of high standards of living, and the fact that the average pay has the same purchasing power as it did decades ago, it’s barely enough to cover bills. Especially a mortgage.
A pet can be like part of the family. I understand that. However, you better have a Scrooge McDuck-type bank account if you’re turning down homes because there isn’t enough room for a doggie shower. And if you live in an expensive city for renters, like Chicago for example, then you need to seriously consider getting your bank account in order before searching for homes.