Singles in the Suburbs

Almost all of us are familiar with the popular TV series and movie that sound a bit like my post’s title today. But forget about cosmopolitans and big city exploits for a moment, because a recent survey of single homeowners indicates that most of them (52 percent) are actually choosing suburbia over urban or rural areas.

Almost all of us are familiar with the popular TV series and movie that sound a bit like my post’s title today.  But forget about cosmopolitans and big city exploits for a moment, because a recent survey of single homeowners indicates that most of them (52 percent) are actually choosing suburbia over urban or rural areas.

It’s not surprising to me that many singles feel today’s market is an ideal opportunity to become a homeowner.  They can afford “more house” for their money because of the amazing affordability we’re seeing across parts of the country.  Our survey also showed that for over half of our respondents, their mortgage payments were equal (or even less) than the cost of renting.  Additionally, owning a home can be beneficial for tax purposes and is a great way to build one’s wealth over time.

Here’s another positive finding that I noticed: 68 percent of the people we surveyed are choosing homes lower than the maximum that they could afford.  Being conservative and aware of one’s budget is a great way to ensure that you’ll enjoy living in the home you purchase – and have money leftover — for a long time to come.

To see the full results of our survey, please click here.  And I’d love your thoughts: what do you think are the most important considerations for singles when purchasing a home?  Do you think the trend for buying in suburbia will continue in years ahead?

Picture: Flickr user lkeapproth.photo

Bluematter