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. 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%).
“Purchasing a home is one of the most significant investments most Americans will make in their lives, so it makes sense that we want our four-legged friends to feel at home,” says Glenn Brunker, president of Ally Home.
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.
“If it’s one thing we learned to value as we quarantined in our homes over the past year, it’s the importance of doors that close,” Brunker continued. “But the time spent at home also helped us reevaluate what matters most in our living spaces. This awareness helps first time home buyers more confidently navigate today’s competitive real estate landscape to find a home that fits their lifestyle.”
Ally will share home buying tips and tools throughout National Homeownership Month in June, including a new first-time homebuyers guide for consumers preparing to make their inaugural purchase. Ally will also permanently eliminate the $995 origination fee for anyone who applies for a new home loan or refinances an existing loan. Consumers can learn more about this offer by visiting www.ally.com/home-loans/getstarted.
Other survey findings include:
Unprepared for repairs
Home is where the renovation is
Second guessing second homes
This survey fielded by Ally Home in April 2021 was conducted among 1,000 U.S. adults, aged 25 and older.
About Ally Financial
Ally Financial Inc. is a digital financial services company committed to its promise to “Do It Right” for its consumer, commercial and corporate customers. Ally is composed of an industry-leading independent auto finance and insurance operation, an award-winning digital direct bank (Ally Bank, Member FDIC and Equal Housing Lender, which offers mortgage lending, point-of-sale personal lending, and a variety of deposit and other banking products), a corporate finance business for equity sponsors and middle-market companies, and securities brokerage and investment advisory services. A relentless ally for all things money, Ally helps people save well and earn well, so they can spend for what matters. For more information, please visit www.ally.com and follow @allyfinancial.
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Contact:
Marisa Bazemore
Marisa.Bazemore@ally.com