More singles buying homes than before

Nearly a quarter of all recent homebuyers were single at the time of purchase, signaling an increase of unattached homebuyers.

The desire to own a home of their own is the primary factor for purchasing a home, according to both single men (47 percent) and women (37 percent). A change in family situation is also a high factor, according to 12 percent of single women homebuyers, and 11 percent of single men homebuyers. Another issue influencing the purchase of a home is the desire to be closer to family, friends and relatives.

More women than men are purchasing their first home before settling down with a spouse. Eighteen percent of female first-time homebuyers were single, compared to 11 percent of first-time male homeowners. However, men are pulling the trigger a little earlier, as the average age of a first-time single male homebuyer is 30, compared to the single female homebuyer’s average age of 32. Perhaps this may be attributed to income, as in this comparison, single men’s average income is $58,100 compared to single women’s average of $49,400, during the purchase of their first home.

As for repeat buyers, women once again outpaced men in regards to purchasing. Fourteen percent of single women are repeat home buyers, compared to only 8 percent of men. Like first-time homebuyers, men are more likely to be single repeat homebuyers at a younger age (54) than women (58). Yet again, the average male repeat homebuyer out earns the average female repeat homebuyer by nearly $10,000, as their average income is $71,900, compared to women’s of $62,300.