Who are typical home buyers? In the U.S. married couples make up the majority. Single women, however, are next. Since the National Association of Realtors® began recording home buyer profiles back in 1981, single females have made up the second most common demographic. The trend is holding steady. While the majority of 2019 home buyers were married couples (61%), single women represented the next largest group (18%), ahead of single men who made up just 9%.
In 2003 I was one of those women. I knew exactly why I wanted to buy a home (build equity, have freedom to make it my own) and have never regretted my decision. I suspected others in my position may have felt the same, but wanted to hear their two cents. So I asked friends and past clients three simple questions: Why did you buy a home? What do you like about owning? What advice would you give others who are thinking about buying. Read the Q&A below!
Characteristics of Homebuyers | 1981-2019*
Elizabeth
What's the main reason you decided to buy a home?
I wanted to build equity, avoid "throwing my money away" on apartment rent, have the pride of owning my first home in my mid-20s, and put roots down after moving back home to MN.
What do you like about owning your own home?
With a condo, I love not having to worry about the yard work/shoveling/etc. that comes with buying a single family home. I have loved learning new skills such as fixing a dripping faucet and transforming the space into my own.
What advice would give others who are thinking about buying a home?
I would tell others not to settle. It was a sellers’ market when I purchased my home, and I saw a lot of properties before getting my offer accepted. I'm glad I stuck with the process, because I wouldn't have been happy settling on some of the other properties I looked at.
S.J.
What's the main reason you decided to buy a home?
So I could adopt a super sweet dog. :) I also wanted to invest in myself. I yearned for a small morsel of land where I could grow flowers/veggies and a space where I always felt comfort and safe. I wanted the flexibility to express myself creatively and to expand my knowledge/skills through the process of remodeling a fixer-upper. Joining a supportive neighborhood community was also an important reason I decided to buy a home.
What did you like about owning your own home?
I enjoyed coming home to a quiet, cozy space that I had created. I loved the freedom. I could do my laundry whenever I wanted, let my dog roam freely in the fenced in backyard and even walk around naked! It felt empowering to fix the toilet, leaky faucets, loose door handles and to learn as I went along. I grew close to my neighbors and felt like I was part of a meaningful community. I was able to walk to the river and neighboring businesses which had an added environmental bonus.
What advice would give others who are thinking about buying a home?
It’s a leap worth taking! Do your homework to know how much you can afford, factoring in a buffer for unexpected expenses. Know that something will always need your attention and any dream-worthy remodel will always take longer than expected. Don’t rush it. Live in a 50’s style kitchen for a year to form a clear vision. If the flowers die or the vegetable garden struggles, no worries! You can always try again next year. Enjoy the process. Find a good realtor to help guide you along the way. Oh, and adopt a dog.
Jessica
What's the main reason you decided to buy a home?
I had thought about owning my own home for a few years since I'd had bad experiences with renting. I was becoming more financially independent and progressing more in my career. My budgeting had become much better over the years and I had learned enough about mortgages to be confident that it was the right time to make a leap.
What do you like about owning your own home?
I love decorating my space and learning more about my house and how to take care of it. I started gardening a few years ago and I'm really excited that spring is around the corner so that I can start making outdoor plans. I have long-term projects for the house as well and I look forward to accomplishing those goals.
What advice would give others who are thinking about buying a home?
I was nervous about finding the right house for just me but there are so many options out there. Just keep your mind open, stay positive and be sure you have a realtor that understands what you're looking for and can give you the pros and cons, which in my case, was an older home with some character. I wasn't looking for a fixer upper but I probably couldn't afford a pristine home and it was important to have someone who could give me honest feedback about the sort of projects and maintenance a prospective house would need.
Tammy
What's the main reason you decided to buy a home?
Truth be told I did not want my son at the time, 2 years of age, to grow up in an apartment. I wanted to raise him in a home with a yard and place we called ours. I never once thought I could not do this. I wanted to give my son the same upbringing I had — a home with a yard!
What do you like about owning your own home?
When you own your home you can make it a place where your family and friends are always welcome with your own style. The best part of owning a home is you are building equity — like putting money in the bank that one day will be paid off and then you own your home free and clear!!
What advice would give others who are thinking about buying a home?
I highly recommend buying a home verses renting, it’s a smart investment and you will never lose on it!!
Thank you
Sincere thanks to Elizabeth, S.J., Jessica and Tammy for taking time to respond, sharing your wisdom and inspiring others!
Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on variety of topics including buying and selling, market conditions, homeownership trends, local events and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.
*Source: National Association of REALTORS® 2019 “Profile of Home Buyers and Sellers”