Single People are Increasing as Allegheny Home Buyers

Allegheny home buyers seem to be redefining the norm and are gravitating more toward single buyers rather than the two-income couples of the past. The need for a home of their own, whether it is a recently divorced mother or father with children is becoming more of trend today. Real estate information shows that there are more singles are buying an Allegheny home today and as a result the number of couples purchasing homes has decreased dramatically.

Many are recently divorced and after an adjustment period and time to get back on their feet they buy an Allegheny home so they will have stability. They want their children to have a place to grow up and have the typical childhood memories that they remember as a child. Some studies that have been tracking Allegheny home sales have shown from 1995 to 2005, the principal buyers were couples. In 2005, there was a shift to an equal number of home sales to both couples and singles.

After 2005 the principal buyer changed again and singles became the higher percentage of those purchasing homes. An economic and social change that is becoming more popular, it may partially be due to the first time homebuyer tax credit that was recently an incentive to buy a home. A large percentage of singles buying an Allegheny home said it was more affordable than renting.

Still, more buyers expressed the desire to be independent as a reason for purchasing a home. Approximately one-third of home buyers said this was the reason they had decided to purchase over other alternatives. Also contributing to the rise are those who do not marry until later in life. High rates of divorce and women outliving their husbands are another reason for singles buying an Allegheny home.

Interest rates in the housing market have probably played an important factor in the decision of many singles to purchase their own home. Paying a mortgage on one income is now more possible with the lower rates. Of course, since many of the singles purchasing an Allegheny home are purchasing later in life, they are more financially secure than they were 20 years ago. Good investment choices and financial planning plays an important part in the purchases.

If you would like more information about Allegheny homes , please feel free to contact us at (410)808-7200 or visit our Contact Us page where you can send us a message.  We’ll get back to you right away!

No related posts.