While pursuing homeownership without a partner isn’t the norm for all Americans, single homeowners are becoming more prominent in the home purchase market. A recent PennyMac survey revealed the driving trends and potential roadblocks to purchasing a home for singles. Over half of respondents believe the idea of waiting for a significant other to buy a home is outdated. The survey highlights the role societal pressures played in homebuyers’ decision to purchase and the biggest challenges they faced. While some homebuyers have the luxury of using monetary gifts from family for down payments, some 67% surveyed single homebuyers saved for it on their own and didn’t have any financial assistance from family and/or friends.

The most popular down payment range reported by both male and female respondents was 6%–10%, with most individuals (65%) purchasing a home in the $0-$250,000 range. There are many reasons why people choose to buy a home, from the opportunity to build their own equity to reaping potential tax benefits. According to our survey, it’s not cultural norms, as 70% of respondents did not feel societal pressure to buy a home. Like many others, half of single homebuyers were prepared to acquire their own home. They made the decision to start building their own equity because 43% of respondents said they had leased on their own before buying a house.

Source: MReport