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Buying a house without a spouse

Posted by The Aramco Group on Sun, Jul 16, 2017 @ 14:07 PM

Carrying your loved one across the threshold has been for decades the quintessential start to a family moving into a new home. However, a Zillow analysis shows that a growing number of people are choosing to go it alone. In 2015, only 40 percent of first-time home buyers were married, compared to 52 percent in the late 1980's.

According to the data, the typical first time home buyer is now 33 years old - up from 30 years old three decades ago. The reason for the increasing number of older and single first-time buyers comes down to money. In many cases, people are renting or living with family longer to save for a down payment. Millennials are also generally choosing to get married when they are slightly older as well.

The amount first-time buyers are willing to pay for a home has also increased since the '80s when the average spent on a starter home was 1.9 times the median income of a typical first-time buyer. Today, they're spending closer to 2.6 times their incomes.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.