There are many components involved in buying a home, and everyone approaches this process in different ways. The amount of financial planning, long-term commitment and overall readiness to own a home are things that everyone considers before signing on the dotted line, but we wanted to examine some more exact home-buying tendencies.
Using a study conducted by realtor.org, we wanted to compare how couples (married and unmarried) and single people approached buying a home. We also looked at how some key demographic areas change over time.
In comparison to other household compositions, males place a high importance on convenience to entertainment/leisure activities, while females place a high importance on how close they are to family and friends. The quality of the school district was most important to married couples, while the affordability of a home was most important to an unmarried couple. Both couples, whether married or unmarried, placed “desire to own” as the biggest reason for buying (20% of married respondents, 48% of unmarried respondents).
Overall, one thing we noted was the increase in average income. Going from roughly $72,000 to roughly $84,000 in four short years is quite the jump, and it perhaps signals rising home prices that make earning more money a necessity before owning a home.
While these differences are subtle, they can make a huge impact on each finding the perfect home just for them. And as everyone knows, owning a home is an everyday process. For a home warranty, or advice on home-owning, check out our buyers and sellers page.