Many first-time homebuyers are married. It is no surprise that having two incomes to contribute to monthly housing costs makes buying a home more attainable. It also makes saving for a down payment a more attainable goal. According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again dominated the first-time home-buyer statistics in 2016 at 58% of all buyers.
But, many couples are also deciding to buy a home before spending what would be a down payment on a wedding, as unmarried couples made up 14% of all first-time buyers last year.
Oh my – what if you're single?
If you’re single, don’t fret! Single women made up 18% of first-time buyers in 2016, while single men accounted for 8% of buyers. One recent article pointed to a sense of responsibility and commitment that drives many single women to want to own their home, rather than rent.
Here is the breakdown of all first-time homebuyers in 2016 by percentage of all buyers, income, and age:
Don't forget, these are national figures, but the average percentages hold no matter where you live.
You may not be that much different than those who have already purchased their first homes. Let’s talk to determine if your dream home is already within your grasp!