Only 53% of first-time homebuyers are married.
According to the National Association of Realtors, the first-time homebuyer composition is now mirroring the change in marriage rates.
In the 1960s, more than seven in 10 American homeowners were married. Two decades later, in the 1980s, a peak of 75% of first-time homebuyers entering the market were married couples. Today, only 53% of first-time homebuyers are married.
According to American Housing Surveys, 35% of first-time homebuyers in 2017 had never been married, compared to 23% twenty years prior.
Married homebuyers made up 61% of the first-time homebuyers in 1997 and declined to 46% in 2013. But, that percentage increased over the next three years, hitting 52% in 2017.
“This drop is likely due to housing affordability,” Jessica Lautz, NAR’s vice president of demographics and behavioral insights said in a statement.
So while the amount of married homeowners has seen an overall decline in the past few decades, that’s not to say that an increasing amount of people are buying homes on their own.
“It is harder for a single-income individual to enter the competitive housing market the U.S. is facing today. Notably, while single men have traditionally had smaller shares of home buyers, the share of single men has now crept up to 10% of the first-time buyer market,” Lautz said.
More and more homebuyers are purchasing homes in platonic relationships, too. This share has gone up from 2% to 4% in the last year alone.
Why? NAR says unmarried couples and roommate buyers have a little advantage over single buyers helping them to increase their numbers – a dual income.
“Dual incomes allow them to navigate the housing market and perhaps allow them to purchase a home that is at a higher price point where they may face less competition in the buying market,” Lautz said.
West + Main Realtor Katie Robinson was one of those “put the Real Estate before the ring” first-time homebuyers, and it all worked out!
Katie’s Facebook Post:
"~feeling nostalgic today~
"Those of you that have known Tim and I since the beginning know that we first started living together in Tim’s 1 bedroom apartment downtown. It was disgusting!
Anyways, I wanted to be a home owner and get out of that apartment more than anything! I was so sick of dumping money on rent in Denver.
At the time, I had just turned 24 and honestly I had no clue what I was doing or where to begin with the home buying process.
My older brother had recently become a licensed Realtor in Denver so I relied pretty heavily on his expertise. *annoying brothers is what life’s all about, am I right?*
In the Summer of 2016 I found a home I loved out in Commerce City / East Denver. Unfortunately, I couldn’t qualify for a loan with my baby credit and I needed a co-signer. I called up my dad like I always do and begged him to co-sign... respectfully he told me to find another way. He has always taught us to work hard for our dreams.
Tim and I had only been dating for 1 year at the time and had no firm plans for the future. All we were sure of was that we loved each other and we wanted to be home owners! We agreed to become financial partners before even being engaged and Tim stepped up to co-sign on my behalf.
We have grown up a lot from the first time home buyers we were in 2016. Today is our last day in our first home together. This home has so many beautiful memories and it will always have a special place in my heart. So much that I just couldn’t sell it 🤣
Instead we begin a new adventure... as landlords!!! The decision to become home owners at a young age has saved us thousands that we would have spent in rent.
We are so excited for our tenants and only hope they will love this community and home as much as we do. As we turn the page and start on this new journey together in Arvada, I want to express our love and gratitude to everyone who has helped us move and stay level headed!
To my husband... thanks for entertaining my wildest dreams and for living them out with me, here’s to a new beginning #bittersweet”
If you have questions about your home purchase options, contact Katie or any West + Main agent, they will be happy to make recommendations, answer questions, and show you homes that you might want to put a ring on!
