How Pets Impact the Housing Market
What’s on your ideal home wish list? A fireplace? Granite countertops? Hardwood floors? For pet owners, it’s the needs of their four-legged friends that actually top the list when searching for a house, according to a new survey.
A recent report from Realtor.com found that 75 percent of pet-owning homebuyers say that would turn down an ideal home if it wasn’t right for their animals. Over 1,000 people who closed on a home this year responded to the survey, 80 percent of which own pets.
“It's heartwarming to find that people will put their pets' needs first, even when it comes to one of the biggest financial decisions they will ever make," said Nate Johnson, chief marketing officer for Realtor.com. "This survey shows that we really do consider pets part of the family — and that their needs are a critical part of finding the perfect home."
The survey also found that 87 percent of pet parents considered the needs of their pets when looking for a residence. Dog owners were most likely to list their pets’ needs as “important” or “very important” to their home search at 90 percent.
“Dogs are man’s best friend,” says Danielle Hale, chief economist for Realtor.com. “It’s not terribly surprising that when pet owners are buying a home, their best friends get what they want. If a home doesn’t meet the needs of their pets, those needs are non-negotiable for a lot of home buyers.”
The highest ranked home features among pet owners included:
• Large yard (45%)
• Outdoor space (36%)
• Garage (33%)
• Large square footage (29%)
• A dog run (26%)
• Sturdy flooring (26%)
• Close proximity to outdoor spaces (25%)