GREATER PITTSBURGH REAL ESTATE INFORMATION

Homeownership as a Single

Source: National Association of Realtors

 

I admit, even though I'm married, I never felt I needed a spouse in order to buy a home. I mean, I didn't need a husband to pay the rent so why would buying a house be any different? Apparently, I'm not alone. According to National Association of Realtors, more single women than single men purchase their residence as opposed to sending in a monthly rent payment. They are second only to married couples and account for 15% of all homeowners.

 

With that data, I'm shocked at how many independent women spend decades renting! Being an inquisitive person, I asked a few and I've ranked the top 3 responses with some rebuttals.

 

I don't know where to start?

 

The starting point of everything, from career choices to vacation planning is going to start with a list. A potential homeowner needs to have a list that contains “must haves”. For instance, my list included a garage stall, just for my car, which led to my husband to add a full basement. Keep in mind, though, some needs may get moved off the necessity page when the real estate agent looks over it and explains the price range.

 

I don't want to deal with maintenance

 

Okay, I'll give you that one. I personally don't know the first thing about fixing a clogged sink. In fact, my husband told me I made it worse when I tried. Since, most of us, male or female, weren't trained in these areas, there is a plethora of resources available. There are night classes offered at community colleges, home improvement seminars, books and let's not forget the most convenient of all education: YouTube videos.

 

Of course, fixing items inside the home isn't the only task that keeps people placing a check in drop off box every month; it's yard work. Seriously, though, where is it written that the homeowner needs to cut the grass, plant the flowers, rake the leaves or shovel the snow? Your boss delegates trivial tasks, so can you! There are many lawn care services around as well as neighborhood kids wanting to make some money but aren't old enough to be employed.



I don't have the down payment!

 

This was obviously the biggest reason. While it seems asking parents for some money is a solution, it will throw up red flags in terms of the mortgage process.

This will probably be one of those times where temporary inconvenience will pay off, though. In 2014, Visa found that the average American spends $18 a day on stuff. In 2016, they took just lunch purchases and calculated a yearly cost of $2500. Those amounts sound outrageous but the math adds up if you add up that morning Starbucks, and the lunch run with the afternoon vending machine snack times 50 work weeks a year. Even dropping these habits a couple of days a week will pay off faster than securing a loan from mom and dad.


So, to all my single friends out there, let's see if the single group can overtake the married couples in terms of home ownership in the next few years.

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