Singles in the Suburbs: Coldwell Banker Real Estate Consumer Survey Uncovers Trends Among the New Wave of Home Buyers
Parsippany, N.J. (April 14, 2010) - With low home prices, interest rates and government tax incentives for first-time home buyers, Coldwell Banker Real Estate brokers and agents are seeing an influx of singles walking through the door. For greater insight into this demographic, Coldwell Banker Real Estate conducted a national online survey of more than 1,000 single homeowners in April 2010 on what factors played into their decision to purchase a home. While conventional wisdom may be that most singles are buying bachelor or bachelorette pads downtown, surprisingly, Coldwell Banker found that the majority of single homeowners (52 percent) it surveyed chose suburbia over urban or rural areas.
"We are finding the current housing environment to be the ideal marketplace for many people who may have never considered buying a home before, such as singles and other first-time buyers," said Diann Patton, the Coldwell Banker Real Estate consumer specialist. "They can afford much more house for their money than they may have been able to in previous years. Many are recognizing that a mortgage payment on a house can actually be the same or less than what they would spend on rent."
According to the Coldwell Banker Real Estate survey, over half (53 percent) of single homeowners reported that they purchased a home because it was more cost effective than renting in their area. However, more than just financial analysis contributed to their decision. The desire for independence played a role for more than one-third of single homeowners (35 percent) according to the same survey.
"Owning a home is such a monumental way to achieve independence," said Patton. "It's inspiring to see so many individuals accomplish this life goal."
Below are additional key findings from the April 2010 Coldwell Banker Real Estate single homeowner survey:
Finding good deals is important, but so are modern amenities and outside space.
Some may have flown the coop, but others get help from their parents
Singles hunt for homes that are close to work and their family
Single women may be more likely to think of growing their family than single men.
Single and ready to... bargain hunt.
Methodology: In April 2010, Coldwell Banker Real Estate conducted a national online survey and received responses from 1,050 single homeowners across the United States.