One of the concerns every real estate investors group should look into is the growth of the single homebuyer market. With the rise in homebuyers opting to purchase a home without a partner, the trends are changing drastically.
One of the contributing factors to this trend is that young adults are putting off marriage to a later age. Marriage rates are declining, with just half of the American adults reported getting married in 2017.
A study conducted by Pew Research in 2017 shows that around 42 percent of U.S. citizens reported not having a spouse or partner. As for individuals younger than 35 years, more than 60 percent lived solo. With more homebuyers opting to buy a home without a spouse or partner, homebuying patterns are shifting with the trend.
Top 3 Cities for First-Time Single Homebuyers
If you belong to a real estate investors association and are actively investing in houses catering to the single first-time homebuyers market, then these cities present the perfect opportunity for you to grow your business.
A study identified the cities best suited for solo first-time homebuyers. The survey targeted all 311 U.S. towns and cities with populations of 100,000 or more. One of the criteria that were considered was the availability of one-bedroom homes in each city.
Here are the top three cities for first-time single homebuyers:
- Edison, New Jersey
Topping the survey is Edison, New Jersey. One bedroom homes in this city have a median price of $65,000. With a median monthly salary of $3,325.83, residents have a good chance of affording the monthly mortgage payment that is around $292 or 8.78 percent of their monthly salary.
- Overland Park, Kansas
Next in the list is Overland Park. The median single-bedroom price is $70,000 with monthly mortgage payments of $315. This is under 9 percent of the monthly median income.
- Lafayette, Louisiana
Coming in third is the deep southern city of Lafayette, LA. Lafayette residents who have a median monthly income of $2,534 are eligible for a median-priced one-bedroom home of $57,000. Monthly mortgage rates cost $256, or over 10% of their monthly income.
Tap into the Single Homebuyer Market
In light of these events in the real estate industry, it’s time for you to engage in the single homebuyer market seriously. Joining the right group of investors will certainly help you a lot.
With CIREIA, you can get a foothold in the lucrative real estate industry! As your top real estate association, we can help you with both buying and selling a property, even in prime locations outside the state. Come join us now, and start your journey to real estate success!