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The Difference Between Married and Single Homebuyers (Infographic)

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.

Homebuyers
Questions: What stands out to you in this infographic? Why do you think singles wait so long to buy a home? What did you look for and what was most important when you bought your first home?

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Comments

  1. Thank you for sharing. It’s very useful. Hope to hear more from you.
    Mathieu Lebrun recently posted…Louise DuclosMy Profile

  2. I was surprised that the rate for children at home dropped which could mean that something people are hesitating to have more kids now.
    Petrish recently posted…A Reflection of Something Good – Relief in NepalMy Profile

  3. I think it’s sad that the median age of home buyers has gotten so high but I think it’s a result of the increased demands from lenders post the 2008 financial crisis as well as the large amounts of student loan debt that is burdened by many in their 20s and 30s. I think the single home buyer age is so high because many of those people are probably divorced which would make them older. I also think that many single people in their 20s and 30s are unlikely to buy a home because they want to wait until they are settled down and buy the home with their significant other.
    Shannon recently posted…Music Mondays – I Can See Clearly NowMy Profile

  4. I find it interesting (if I am reading the graphic correctly), that the median age has recently risen, so has the income, but yet the percentage of children in the home have dropped. I’m curious what could be the reason.
    Kirsten recently posted…Can Crowdsourcing Student Loan Debt Work?My Profile

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