More singles are buying homes in suburbia, reports in independent report by a popular real estate franchinse which conducted a nationwide survey of single home owners on the factors that motivated them to buy.
Here are some figures that reflect the reasoning behind their choices:
• 52 percent chose the suburbs over urban or rural areas.
• 53 percent of single home owners said they purchased a home because it was a better deal than renting.
• 68 percent chose a home priced lower than they could afford.
• Of the 13 percent who own their home jointly with another person, 49 percent made the purchase with their parents.
• 55 percent have less than a 30-minute commute to work.
• 40 percent live within 30 minutes of their parents or extended family.
• 27 percent of women thought the number of bedrooms were important, while only 18 percent of men felt the same way.
• 38 percent of men would consider buying a foreclosure, while only 29 percent of women would consider one.
Eight-seven percent of first-time home buyers changed their lifestyles because of unexpected expenditures related to buying a home, according to a new survey by BBVA Compass, the nation’s 15th largest commercial bank.
• 51 percent said that the monthly expense of owning a home was more than they calculated.
• 70 percent said that the unexpected expenditures leveled out over time.
• 33 percent said they paid for these unexpected expenditures with a mixture of cash and credit.
• 92 percent say having additional time before their first payment due date would have been helpful
Source: NAR - Realtor News
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