Owning a Home ‘Very Important’ to Nearly Half of Single Buyers
From DSNews 8/20/14
Almost half of single homebuyers aged 25 to 50 reported that it was “very important” to them to own a home, according to Century 21’s Singles Homebuyer Survey released on August 20.
Three quarters of single homebuyers in that same age bracket said that it was “fairly important” for them to own a home, according to the survey.
“We are in the midst of a shift in the homebuying population,” said Rick Davidson, president and CEO of Century 21. “This survey shows that homeownership is a major life decision for singles, and that it is just as important a part of the American Dream for singles as it is for married couples.”
Century 21 reported that the three biggest factors that motivated single homeowners to buy a home were: they viewed purchasing a home as an investment, they no longer wanted to pay rent, and they believed it was the “right time” to purchase a home. The top three considerations for single homebuyers were how much space would be available (59 percent), the yard (57 percent), and how close the home would be to work or school (47 percent).
About one-third (32 percent) of homes purchased in 2013 were made by single homeowners, according to the National Association of Realtors. In addition, data from the U.S. Census Bureau indicates an increase in the percentage of one-person households from 17 percent in 1970 to 27 percent in 2013.
According to the Century 21 survey, 24 percent of single potential buyers said they were unwilling to make any changes to their lifestyles in order to purchase a home. The percentage of married potential buyers who expressed the same sentiment was lower at 19 percent.
“Real change, innovation and market growth stems from understanding consumers’ drive, motivation and sentiment, and how these can shift from person to person,” Davidson said. “Knowing this, Century 21 affiliated sales professionals are able to build customizable action plans that better meet the needs of today’s buyers, sellers and investors.”
Slightly more than one out of five (21 percent) single homeowners aged 25 to 35 said they accessed a real estate website on their phone versus just 9 percent of single homeowners aged 36 to 50. The percentage was also higher for the 25 to 35 demographic for using a mobile phone app (14 percent as opposed to 5 percent for the 36 to 50 group).