The most recent Profile of Home Buyers & Sellers, as published by the National Association of REALTORS® found that once again married couples dominated the first-time Homebuyer category. As a matter of fact, statistically they made up 57% of all buyers in 2017. This higher percentage of home buying is likely due to having the benefit of 2 incomes, in order to save for a down payment and contribute to the monthly housing costs.

Interestingly enough however, many couples are also purchasing a home with their savings, rather than spending it on a wedding, as unmarried couples comprised 16% of all first-time buyers last year.

OK singles, do not panic!! Single women made up 18% of first-time buyers in 2017, while single men accounted for 7% of buyers.  A recent report pointed to a sense of responsibility and commitment that drives many single women to want to own their own homes rather than rent someone else’s.

Below is a depiction of all first-time homebuyers for the year 2017 broken down by percentage of all buyers, income, and age:

The Takeaway

No matter whether you are married, single or other….with rents continuing to rise and mortgage interest rates still at historic lows, now is a great time to consider purchasing a home.
So before you consider signing and/or renewing your current lease, do yourself a favour and speak with a competent and experienced Real Estate Professional.

As always, feel free to call or text me at 727.755.3434, so that together we can determine if you are able to buy a home of your own and lock in your monthly housing expense.