Homeownership Not Just for Married Couples
Single people probably will become a majority of all homebuyers this year, according to a study by SMR Research Corp., a financial services market research firm. The number of single borrowers, as opposed to couples, has grown steadily as a portion of all home buyers with mortgage financing since 1990, when they were only 26.7 percent of the home purchasing market. Singles had reached 46.7 percent of homebuyers with financing in 2002, the last year that hard counts are currently available. That trend suggests that single borrowers will exceed half of all homebuyers this year, according to SMR, who also said the rise of single home buyers is one of the biggest demographic changes in recent American history.
Tips for First-Time HomeBuyers
The single person who dreams of a place they can call their own doesn’t have to wait to fulfill that dream. The same benefits of home ownership that married couples enjoy also apply to singles. These tips will help you determine if you can afford a house and, if so, how much you should spend:
- The Home Buying Coach will walk you through the process of choosing and financing a home, and our home buying calculator will help you determine if, and how much, you can afford to pay.
- Visit TFCU for a pre-approved mortgage loan before you start looking. This will let you know how much you have to spend and will allow you to move quickly when you find your dream home.
- Use a realtor to help you find a house. Their knowledge and resources can help you make the right selection. Ask family and friends for recommendations about whom you should use.