Pet benefits play a central role in home buying decisions

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CHARLOTTE, North Carolina, June 1, 2021 / PRNewswire / – New survey results suggest that buying a home is good for cats and dogs, at least when it comes to buying and organizing decisions. Of the 1,000+ American adults aged 25 and over surveyed by Ally at home in April 2021, 44% say they consider the needs of their pets before renting or buying a home.

The latest survey from the residential mortgage industry in Allied bank found that 20% of Americans bring their pets home, with 24% of women and 15% of men welcoming their faithful companions in search of a home. Almost a quarter (24%) of those surveyed say having a dedicated space for pets is a major consideration when organizing a home. Millennials are more likely than other demographic groups to report that pets influence their decisions about the home, including making changes to a home because of a pet (32%), creating a dedicated space for their pets (26%) or buy a larger bed for cuddling overnight (11%).

“Buying a home is one of the biggest 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 at home.

Perhaps influenced by the time spent at home during the pandemic as well as rising home prices and low inventory making it difficult to move, renovations are a priority 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 had an impact on home layout preferences as well, with 8% of Americans saying they liked open floor plans, but now prefer divided rooms.

“If that’s one thing we’ve learned to value when quarantining our homes over the past year, it’s the importance of closing doors,” Brunker continued. “But time spent at home has also helped us re-evaluate what matters most in our living spaces. This awareness helps first-time homebuyers navigate the competitive real estate landscape with more confidence. today to find a home that matches their lifestyle. “

Ally will share home buying tips and tools throughout National Homeownership Month in June, including a new first-time home buying guide for consumers preparing to make their inaugural purchase. Ally will also permanently eliminate the $ 995 set-up fee for anyone applying for a new home loan or refinancing an existing loan. Consumers can find out more about this offer by visiting www.ally.com/home-loans/getstarted.

Other survey results include:

Not prepared for repairs

  • Almost half of homeowners surveyed (48%) would like to be better prepared for the cost of home repairs. More than half of Millennials say the repair costs were a surprise (55%), while 45% of Baby Boomers who own a home also bemoan the repair costs.
  • “This lawn won’t mow on its own”: 42% of Millennials say they are surprised at the amount of work required to maintain the yard.
  • 36% of survey respondents say monthly utility bills have come as a shock to them.

The house is where the renovation is

  • While nearly half (49%) of homeowners agree that renovations almost always cost more than the original budget, 48% of homeowners indicated that they plan to undertake a renovation this year.

Second guess second homes

  • Only 6% of survey respondents own a second home and more than half (54%) expressed a low likelihood of buying one due to the pandemic.
  • For those considering a second home, only 17% are interested in a city location versus 34% who want to be near the ocean and 24% who prefer to be near the mountains.
  • The outlook for second homes is generational: while 64% of baby boomers said the pandemic has not impacted their likelihood of buying a second home, 32% of millennials say they don’t. are more considering owning a second home.

This survey conducted by Ally at home in April 2021 was conducted among 1,000 American adults, aged 25 and over.

About Ally Financial
Ally Financial Inc. (NYSE: ALLY) is a digital financial services company committed to delivering on its promise to “do it right” for its consumer, business and corporate customers. Ally is comprised of an independent auto finance and insurance company, an award-winning direct digital bank (Allied bank, member of the FDIC and Equal Housing Lender, which offers mortgages, personal point-of-sale loans and a variety of deposit and other banking products), a corporate finance activity for developers of equities and middle market companies, as well as brokerage and investment in securities Advisory services. A steadfast ally in all things money, Ally helps people save and earn well, so they can spend on what matters. For more information, please visit www.ally.com and follow @allyfinancial.

For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.

For more images and news on Ally, please visit http://media.ally.com.

Contact:
Marisa Bazemore
[email protected]

SOURCE Financial Allied

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