Can I afford a house as a single adult?
The simple answer to the question is yes, you can afford a house with just your income, but it can be an intimidating process especially if it’s your first home.
According to the National Association of Realtors, the second largest group of American home buyers are single women, making up 17% of all home buyers. Single men are tied with unmarried couples for third place at 9%.
The two biggest hurdles you will face as a single home buyer include mortgage qualification and down payment amount. Mortgage lenders look at your income as one factor for the amount you can borrow. The higher your income, the more house you can afford. Because you’re only using your salary, you might need to compromise on certain things such as size and location.
Also, you’ll need to contribute to a down payment amount. Saving for a decent amount might take some time, so you can either wait to buy a home until you have a decent amount or begin with a small starter home.
Homeownership isn’t based on your marital status, so don’t let the fear of being a single home buyer deter you from seeking the home of your dreams. If you have any questions about buying a home by yourself, reach out to an experienced real estate professional.
Sources: Mymortgageinsider.com, Rockethomes.com, Investopedia.com
We are ready to help you find the best possible mortgage solution for your situation. Contact Sheila Siegel at Synergy Financial Group today.
