Who says you have to be married to buy a home?
Getting married first and then purchasing a house may have been the norm decades ago. However, it’s not exactly the way of the world any longer.
In fact, more single buyers are snatching up real estate now than ever before. Take a look around at homeowners in your neighborhood. Notice any of them by themselves without a significant other?
Buying a house alone is definitely a rising trend. Single buyers are increasingly expanding their demographic among homebuyers across the country.
The Trend is on the Rise Among Women
Last year, single buyers accounted for 25 percent of all homebuyers. That’s a sharp increase from recent years. More specifically, single women are really making their way in the home buying scene.
Single females made up 18 percent of all home purchases in 2017 compared to 7 percent of single men, according to the National Association of Realtors (NAR). That makes single women the second-largest demographic in home buying.
Good Reasons to Get Into the Housing Market
The gap between single buyers and married buyers is certainly closing. Sure, it’s a lot easier to afford a home purchase when there are two people involved. Nevertheless, many of today’s younger single buyers are getting some financial help from the bank of mom and dad.
Plus, the low-interest rate environment over the past few years has made mortgages more affordable despite rising home prices. As long as rates continue to stay low, we’ll likely continue to see single homebuyers purchasing a house alone.
Rents are also on the rise and can be as expensive as mortgage payments.
Additionally, people are waiting to get married these days or are rejecting the idea of marriage altogether. Millennials enjoy their independence and are likely to postpone getting married. With more and more millennials in this category, many of them are choosing to start their adult life with or without someone. That includes buying a home.
There’s also the issue of investing. Young buyers are seeing the value of buying real estate today, especially as property values have been increasing. With time comes appreciation in home values, allowing buyers to take advantage of accrued equity.
However, young single buyers aren’t the only ones jumping in. The highest percentage of single female homebuyers are those between the ages of 62 to 70 years.
Becoming a Homeowner Can Be a Reality With the Right Mortgage
Despite the obvious financial challenges of buying a house alone, singles are still doing it.
In fact, there are several mortgage programs available that are dedicated to helping make the dreams of homeownership a reality. That includes singletons who’d rather jump into the market now rather than wait to go in it with a spouse.
If you’re in the market to secure a mortgage, speak with one of our mortgage experts today.
7th Level Mortgage is a leading one-stop mortgage company providing deeply informed, custom-tailored assistance with every phase of each mortgage transaction. If you are searching for a home loan in New Jersey, Pennsylvania, Delaware, Maryland, New York, or Florida, please contact us today so that we can determine the best Mortgage Lender to place your loan with and get you the best possible rate and program.