Home buying isn’t just for families or married couples, the single homebuyer phenomenon has become more common than you would think. As a matter of fact, of the 63.7 percent of the United States population that owned a home at the end of 2016, nearly 17 percent were single women, compared to about seven percent who were single men. These figures come from the National Association of Realtors.
What this means is: if you think you’re an anomaly for even considering becoming a single homebuyer, think again. The American dream is alive and well for all segments of our society. Being married with children is no longer the measuring stick by which homeownership desirability is measured. But your income will always remain an important factor.
Buying When Single May Be Difficult
The main reason that mostly married couples buy houses is the income disparity rather than any cultural influences. It often takes two incomes to afford a new house, especially with a lack of affordable housing in both new and used real estate inventories. Single homebuyers too often can’t make it alone in the housing market.
Couple that with rising housing prices in many markets — including the San Francisco and Asheville areas — and the problem becomes clear. Many single homebuyers are having difficulty saving for a down payment that keeps rising. Some singles also suffer under the weight of egregious student loans and high rents. That’s a storm that’s often hard to weather.
Women Are More Likely to Buy
Even while women continue to face discrimination in the job market — especially when it comes to equal pay — they are becoming single homebuyers at more than twice the rate of men. The National Association of Women in Real Estate Business reports that of the more than 18 million female homeowners in the country, about 10 million live by themselves.
Women are earning more college degrees than men these days, too. They’re becoming more independent and more likely to parent independently. One reason is that women seem to be more willing to make sacrifices than men to achieve financial security and stability, something that often goes hand-in-hand with homeownership. And women seem to be embracing the single life in greater numbers than men.
Either Way, It’s OK
Both men and women can experience the joy of buying a home when you’re single. Single homebuyers usually find that they enjoy the freedom and the commitment that comes with investing wisely in real estate. However, navigating the home-buying process can be particularly tricky without help from a knowledgeable, independent mortgage lender like Zack Adam at GoPrime Mortgage, Inc. . (Prime Mortgage Lending and Equity Services, Inc.).
Tips for the Single Homebuyer
To help get you there as a single homebuyer, take these tips to heart:
- Clean up your credit so you can qualify for the best rates and save on mortgage insurance.
- Check out first-time homebuyer’s programs to see if you qualify.
- Bring trusted friends or advisors with you to play devil’s advocate as you house-hunt.
- Closely examine utility and other recurring expenses, such as homeowner association fees, when pricing a house.
- Prepare to turn the property into investment income if your living situation changes for any reason and you have to move.
- Get a good home inspection from a trusted inspector to avoid surprise expenses.
Married or single, if you need any help or advise on buying a home, feel free to contact Zack at GoPrime Mortgage, Inc. ., read the informative articles in his Blog Page, or visit us on LinkedIn.
