A good portion of my buyers are Singles. When I first got into real estate, I thought it was weird for singles to be buying homes. I was also single at the time, and my train of thought was that it was easier to rent while single than having so many responsibilities with owning a home. When was I supposed to do maintenance and mow the lawn? After a year and a half of selling houses and not owning one myself, I bought a house as I thought it was hypocritical of me to preach the benefits of home ownership over renting.
Yesterday, I heard a crazy statistic... 51% of the US population are Single. 49% are Married. WOW! This number was compared to a number in 1930 when 84% of the population was married.
The phrase I heard within the report was that the Singles like to "Try before you buy" and they are taking this as far as buying homes with people that they're not necessarily going to marry. My initial thought is that there are going to be many more foreclosures. My thinking on this is because if they break-up, one party will have to buy out the other party for the house, and if they can't afford to do that, and if they just bought the house less than a couple of years earlier, there probably isn't enough equity to just sell it and get out from under it. More than likely, people will have to go through short-sales or just letting the houses go. I'm not sure I like this.
Then, I remembered that I work with a lot of singles. Maybe what's really happening is that Singles are buying homes, and then they're finding relationships and the other party moves in. If they break up at that point, unless it's been a long relationship where common-law marriage steps in, it's obvious the original home owner retains possession...
BUT, this is where I might get some negative comments... If I moved in with someone while dating, that's one thing... When we get married, I couldn't live in "his" house. We would need to get "our" own house together. People couldn't believe I actually did this. When my now husband and I decided to get married, we put both houses on the market. Everyone asked why I didn't just sell my house and move into his. I'm sorry, but my house was twice the size of his, though he had the better location, but only a better location for singles as it was within walking distance to all the eclectic restaurants and bars and shopping. My house sold first, so I moved into his house until it sold. I felt I couldn't do anything within the house without asking permission because it was "his" house. We talked long and hard about making it work there, but I couldn't.
We bought a house last summer that is 3 times the size of his tiny house and we're very happy because it's "our" house. What a tangent just to say that Singles out number Married people!!