Share of homeowners who are single hits record despite costs

Share of homeowners who are single hits record despite costs

February 26, 2020 Off By administrator

Doug Sanders, 26, of Lima, Ohio, always figured he would buy a house after getting married one day.

“I thought it would take two incomes,” he says.

After graduating from college, he lived at home with his parents and got a sales job that left no time for vacations or going out with friends, allowing him to sock away much of his paycheck. A year ago, he landed a job as a sales representative for a top beermaker that came with a roughly 30% raise.

When his savings grew to $20,000, he started thinking big.

“I realized I had enough to put down on a house,” he says. “I would much rather buy than rent.”

Last October, Sanders, who is single, purchased a three-bedroom ranch house for $120,000 in the small, affordable city between Dayton and Toledo, putting down 20% with a little help from his parents. “They say there are three big decisions in life – who you marry, buying a house and career choice,” Sanders says. “Having one of those knocked out early … it definitely feels good.”

The shift, if it persists, could shake up the housing market as builders put up more affordable homes tailored to singles and first-time buyers. From 2015 to 2018, the share of new houses less than 2,400 square feet rose to 51% from 47%, according to an analysis of census data by the National Association of Home Builders.

Delaying marriage

The portion of Americans ages 18 to 34 who are single hit a record 72.3% in 2018, up from 67.2% a decade earlier and 47.6% in 1980, according to the Haus study. 

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