Single Homeowners Buy Younger

By Hope Walborn | Dec. 1, 2023 | 2 min. read

The average age for first-time homebuyers is 36, but the average age for first-time single homebuyers is 28, according to a survey of over 300 single homeowners conducted by All Star Home.

While preceding generations traditionally waited for marriage or committed long-term relationships to purchase their first homes, many single Gen Z and millennials are deciding to take on solo homeownership.

The reasons behind wanting to own a home while single are similar to the reasons anyone wishes to buy a home, regardless of marital status. Of the single homeowners surveyed, 72% wanted to own property, 64% wanted space to make their own, 44% didn’t want a landlord, 38% needed more space and 36% wanted to avoid rising rent expenses.

The average home price for single homeowners was $208,469, with an average downpayment of $41,525.

One benefit of buying a home with someone else is that the financial burden is split. For single homeowners, finances may be a bit harder. According to the survey, 68% didn’t need financial help when buying their home, while 32% did. Of those who received help, 48% received monetary gifts from family, 24% received loans from family and 20% received help from a government program. The average financial gift from family was $41,819.

Home upkeep can also pose a challenge for single homeowners, with 65% concerned about covering expenses and one in two saying that expenses are harder to cover this year. Top financial upkeep worries included mortgage (43%), property taxes (40%), emergency funds (36%), utility bills (31%) and homeowners insurance (23%).

Additionally, 63% of single homeowners surveyed were worried about home maintenance. Fixing plumbing issues was a top concern at 55%, followed by cleaning gutters (23%), pest control (22%), replacing HVAC filters (21%) and mowing the lawn (19%).

While rewarding, the financial challenges of single homeownership can be stressful. Of those surveyed, 63% said they wished they had someone to share home costs and maintenance with, and 59% said they believed becoming a single homeowner is an unattainable goal for millennials and Gen Z in 2023.

When looking at the number of single homeowners by state, Pennsylvania fell in the middle at No. 25. Mississippi ranked No. 1 with the most single homeowners in the country.

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