Which Comes First... Marriage or Mortgage?

Real Estate

According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again dominated the first-time homebuyer statistics in 2017 at 57% of all buyers. It is no surprise that having two incomes to save for down payments and contribute to monthly housing costs makes buying a home more attainable.

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 16% of all first-time buyers last year.

If you’re single, don’t fret! Single women made up 18% of first-time buyers in 2017, while single men accounted for 7% of buyers. A recent report pointed to a sense of responsibility and commitment that drives many single women to want to own their own homes rather than rent someone else’s.

 

Here is the breakdown of all first-time homebuyers in 2017 by percentage of all buyers, income, and age:

 

                                            Percent of All First                Household                Median Age                                                                                                                                                                                                                                                                                                   Time (FT) Buyers                     Income                     (in years)

 

All FT Buyers                         100%                              $75,000                        32

Married Couple                       57%                               $87,100                        32

Single Female                         18%                               $54,000                        35

Unmarried Couple                  16%                               $77,300                        30

Single Male                               7%                               $59,600                        31

Other                                         2%                               $76,800                        37

 

Bottom Line
You may not be that much different than those who have already purchased their first homes. Contact us today and let us help to determine if your dream home is already within your grasp.