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References
NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
Single Home Buyer Statistics
According to the 2022 NAR Profile of Home Buyers and Sellers
- First time single buyers are more likely to be females
- Single female buyers made up 19% of 2022 first-time home buyers
- Single male buyers made up 10% of 2022 first-time home buyers
- Single female buyers averaged 56 in age (38 for first-time buyers and 61 for repeat buyers), and single male buyers averaged 54 in age (37 for first-time buyers and 61 for repeat buyers) (Ex. 1-15).
For more statistics on single home buyers, including reasons for purchasing a home, average income, desired type of home and neighborhood, see the National Association of REALTORS® 2022 NAR Profile of Home Buyers and Sellers.
Single Buyer Demographics
Celebrating the Single Women Home Buyers for Galentine’s Day (Economists’ Outlook, National Association of REALTORS®, Feb. 9, 2023)
Regardless of how these single women enter homeownership, they are finding a way and doing so at a significant pace. They are to be celebrated. To them and to all buyers out there, a happy Galentine’s Day!
Single Women are Racing Ahead of Men in Homeownership. Here's Why (CBS News, Feb. 2, 2023)
Hughes noted that more women today are college-educated than men, which gives more of them the opportunity to buy a home on their own, since college degrees translate to earning more money later in life. "Women have more wherewithal now than, say, 20 years ago, even though that (wage) gap exists," he said.
10 Best Cities for Single Female Homeowners in the U.S. (The Zebra, Jan. 2, 2023)
- In every major U.S. metropolitan area, single women outpace single men in homeownership
- Detroit is the best city for single female homeowners and also has the highest rate of singles in the country.
- Single female households own the largest percentage of property compared to single male households in Columbus, Ohio.
Single Women: Skip the Spouse, Buy the House? (REALTOR® Magazine, Jan. 24, 2022)
A growing number of single women are moving ahead with a real estate purchase. More than two-thirds of single women recently surveyed said they’d rather not wait until marriage to purchase a home, according to a Bank of America survey that suggested more single females are “skipping the spouse ahead of the house.” Eighty-seven percent of single women agreed that it’s an “outdated idea” that someone must be married to purchase a home. Once they have the finances in place, single females surveyed say, they won’t hesitate to buy on their own.
Single Home Buyer Tastes
20 Things Millennials Look for in a Home (List With Clever, Feb. 10, 2023)
It’s important to remember that millennials grew up with rapid advancements in technology. They’re savvy and highly connected, which is why they value smart-home features. Millennials want to control their thermostat, garage door, and home security system from their smartphone. Some even prefer automation when it comes to lighting and appliances.
NAHB on Home Size: Smaller, Bigger, Smaller Again (Florida REALTORS® News, Feb. 2, 2023)
Other home features that resonate with both first-time and repeat home buyers include:
- Laundry rooms
- Exterior lighting
- Ceiling fans
- Patios
- Walk-in pantries
- Hardwood flooring on the main level
Millennials: The Driving Force in Housing (Green Builder, Jun. 16, 2022)
In a notable shift over the past two years, Millennials now prioritize having a healthy home over location when making home-buying decisions, according to COGNITION Smart Data, Green Builder Media’s market intelligence division.
Advice for Single Buyers
Single Person House: How to Buy a Home By Yourself (Rocket Mortgage, Jan. 30, 2023)
Before you can start thinking about what you want in a home purchase, you need to figure out how much house you can afford. A home affordability calculator can be a valuable tool to help you figure this out. It isn’t perfect, but it can give you an idea of the types of homes you’ll be looking at when you start house hunting.
Buying a House When Single (My Mortgage Insider, Nov. 15, 2022)
“The key to single people is to really understand their own budget and their income and the stability of that income,” she says. “Everybody is different. But homeownership really makes people feel safe. And they are better employees when they own their own homes. Your employers know that, and they want you have your own home. You will show up for work more if you own a home. If you rent, you aren’t quite as obligated because you don’t have that mortgage to pay.”
How To Become Head of a Household: Homebuying and Mortgage Guide for Singles (realtor.com®, Jan. 10, 2022)
Consider how much space you need as a single homeowner without a partner or children. “Look for smaller houses with one or two bedrooms and one bathroom,” advises Martin Orefice, CEO of Rent To Own Labs. “You’ll end up with a much lower mortgage that way.” Having a more manageable space will also reduce all your costs and bills.
eBooks & Other Resources
eBooks.realtor.org
The following eBooks and digital audiobooks are available to NAR members:
Home Buying 101 (Audiobook)
The Unofficial Guide to Buying a Home (eBook)
The Everything Homebuying Book (eBook)
Home Buying Kit for Dummies (eBook)
Kiplinger’s Money Smart Women (Audiobook)
Buying a Home When You're Single (eBook)
Financing Your Condo, Co-Op, or Townhouse (eBook)
Home Buyer's Checklist: Everything You Need to Know—But Forget to Ask—Before You Buy a Home (eBook)
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