Perhaps you heard that existing home sales rose 5.1% in May from April according to the National Association of Realtors. That’s the strongest pace for homebuyers since September 2009. It’s good news but don’t get too excited just yet. The housing recovery is happening but has been slow and uneven at best (sales were down in April).
The rise in home sales in May was attributed to first-time, younger homebuyers entering the market. These buyers have been cautious about purchasing a home having seen what the recent recession did to home values. Traditionally, first-time homebuyers have made up about 40% of the housing market. Right now that mark sits at 32% so we have a bit to go before the statistics return to normal.
Buying a home versus renting remains a difficult decision. So many variables come into play – from affordability, to employment security, to school systems, to size, to neighborhood – the list goes on and on.
My wife and I bought our first home after we had rented for two years. Job security prompted the purchase, as we were confident my career in education would keep us in one location for some time. We were first-time homebuyers at age 27 and bought a typical ranch-style starter home.
The biggest priority for our home purchase was affordability. We didn’t care about driving distance to work, location to activities or size of the property. We wanted something small but with enough room so we could expand our family (in other words – have children).
Married vs. Single Homebuyers
Had I been single and not looking to start a family, I doubt I would have bought a home in the suburbs at age 27. My priorities would have been on friends, activities and advancing my career. Anything but settling down.
It speaks to the difference that age and marital status have on the decision to buy a home. Where a person is at in life factors into when/if they buy and what they look for in a home. Today’s infographic from my friends at Choice Home Warranty highlights these differences between married and single homebuyers.