Although most people wait till they are married to buy a home, single home buyers represent a significant portion of the market. According to data from the National Association of Realtors (NAR), better than one in four of today's home buyers is single, and current conditions suggest that more single people may want to consider buying a home.
Here are nine things you should know about buying a home while single:
1. Americans are staying single longer
U.S. Census figures indicate Americans are generally staying single longer than ever before. In 2023, the median age at first marriage was just below record highs at 30.2 years for men and 28.6 years for women. That's up from 26.8 years and 25.1 years respectively as recently as the year 2000.
Those figures are approaching the median age for first-time home buyers, which is 35 years according to the NAR. With people staying single longer, it stands to reason more and more people may find themselves reaching the age where they want to buy a house before they reach the point of getting married.
2. Income may be main obstacle for single home buyers
Naturally, the biggest challenge that single home buyers have compared to some of their married counterparts is drawing on only one income. When you apply for a mortgage loan, your income -- along with your debt load -- determines how much mortgage you'll be allowed to borrow. The mortgage lender will use a debt-to-income ratio (DTI) to evaluate your borrowing capability; your DTI is the percentage of your monthly gross income that is committed to your monthly debt payments, including the mortgage for which you are applying. A common DTI ratio lenders use is 36% of your monthly gross income, but this can rise to as much as 45% in some instances.
Of course, a higher income figure helps to bring down your debt-to-income ratio and make you more attractive to mortgage lenders. Naturally, it helps to have two incomes in the household, as some married couples do, but you can also help your debt-to-income ratio by keeping non-mortgage debt to a minimum.
3. For better or worse, you own your credit
Along with one income, you have just one credit history to rely on when applying for a mortgage loan. If you have had credit problems, then the absence of a spouse means you don't have the potential for someone with better credit to pull up the household's credit profile.
On the other hand, being single means you don't have to worry about someone else's past credit problems. If you've kept a pretty clean credit history, then being single may actually be an advantage.
4. FHA mortgages can lower hurdle for single home buyers
Along with debt-to-income ratio and credit history, saving for a down payment on your own income is a hurdle for single home buyers. FHA mortgages can help make all these hurdles easier to clear for first-time home buyers. They use easier qualifying standards and allow for down payments as low as 3.5 percent of the home's purchase price. You may also be able to access state homebuyer assistance programs that help you qualify for a loan. As well, Fannie Mae and Freddie Mac also back mortgages to low- and moderate-income homebuyers that require only a 3% down payment.
FHA mortgages entail paying mortgage insurance premiums, and may not offer the most competitive mortgage rates. Still, if an FHA mortgage is your best shot at qualifying for a mortgage as a single home buyer, you may consider it worth paying a little extra.
Related: Learn about the advantages of FHA mortgages
5. Rising rents can make home buying appeal to singles
Yes, there are financial hurdles to buying a home while single. But renters are also finding rising rents to be a growing financial burden. A National Association of Realtors (NAR) survey found that in the 18 to 34 age group, rising rents were the among the biggest triggers prompting people to buy a home for the first time.
CoreLogic data for July 2024 found that rents were on the rise again in 17 of 20 major metropolitan housing markets, and the trend of increasing rents likely extends across most metro areas. Due to a surge in demand for space related to the pandemic -- and few affordable houses available for purchase -- rents skyrocketed over a period of a couple of years before settling somewhat, but of course remain elevated even if further increases don't occur. For most, buying a home helps "stabilize" monthly housing costs, although tax and insurance costs can and do rise over time.
6. Home prices can get away from those who wait
The strong housing market is showing would-be home buyers that there can be a cost to delaying the decision to buy a home.
The S&P CoreLogic Case-Shiller U.S. National Home Price Index shows that home prices have risen nearly steadily for more than that last 10 years, accelerating strongly since the pandemic with a rise of more than 50% between January 2020 and April 2024, and they are on pace to rise further yet. Rising prices create a financial incentive for singles not to wait for marriage, children or other traditional triggers to buy a home, because home prices have only been getting more expensive with each passing year.
Related: See what's happening with home value trends in more than 400 metro areas
7. Job stability opens the door for single home buyers
What a difference a decade makes. The unemployment rate reached 10 percent in the aftermath of the Great Recession, but dropped to 3.5 percent by February 2020. After a pandemic spike to nearly 15% just two months later, joblessness retreated all the way back to as low as 3.4% before creeping up to 4.1% in late spring 2024. Incomes have risen smartly since the pandemic, too, but have generally failed to keep pace with rent or home price increases.
However, a stronger job market helps more single people earn enough to afford a home, and also can provide the job stability necessary to convince a younger adult to commit to a location.
8. Buying a home while single does not have to mean flying solo
Buying a home can be a daunting decision for anyone, and this is especially true when you are solely responsible for that decision. However, single home buyers do not have to face this decision alone.
Lean on the advice of people who have been through the process before -- parents, older siblings or friends. Have someone come with you to look at a house you are serious about before you make an offer. A second pair of eyes can be very valuable, so they may point out things that you have missed. Or, you may be comforted to find that they reinforce your positive impression.
Related: Is it crazy to buy a house with friends or family?
9. Single women home buyers lead the way
Single women are twice as likely as single men to buy a home. According to the NAR's 2023 Profile of Home Buyers and Sellers, 19 percent of U.S. home buyers currently are single women, compared with just 10 percent who are single men.
Interestingly, single women buy lower-priced homes on average than do single men. This may be a clue that one way for a single person to get into the housing market is to be pragmatic about your expectations and how much you are willing to pay for a property.
Not all single people fit the stereotype of a person who shies away from commitment and has no desire to put down roots. Many single people have steady jobs and an attachment to the area where they live. If you fit that profile, it is worth at least considering buying a home.
This article was updated by Richard Barrington and Keith Gumbinger.
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