There seems to be a general impression about homeownership and the home-buying process that it’s all just terribly generic—that it applies and appeals to a very specific segment of society. Many non-homeowners seem to think homeownership is only for married couples that are ready to start a family, and that once they’re ready to buy they just need to get “a loan.” In reality, homeownership appeals to a diverse range of individuals, and there are unique loan products to suit each of them. On this week’s show, I sought to dispel certain myths about who is and who should be buying homes.
While it’s true that married couples make up a majority of homebuyers, they do not command a very large majority over their single counterparts. Sixty-five percent of homebuyers are married, which means that one in three homebuyers are single. The idea that homeownership only makes sense for married couples getting ready to start their family is false. In fact, there are a multitude of great financial reasons to own a home, and we discuss these reasons weekly on the show. Even young, single individuals who anticipate moving out of their area in the near future will benefit from homeownership—and the younger they can start the better!
There also seems to be a misconception that, among single people, men are more likely to buy a home than women. Perhaps people think that the amenities a home offers, like garage and workshop space, are more likely to be utilized by men. In fact, more single women have been purchasing homes than single men. On average, over 16% of homebuyers are single women, compared to just 8% being single men.
Because homeownership can—and should!—appeal to so many different people, it’s important to understand what kinds of loan products are available and which one best suits your specific needs. Just looking at the Garvens Mortgage Group team helps demonstrate the diversity of potential homebuyers and the versatility of the different loan products available. In our office alone, we have had:
- a five-person family that used an FHA rehab loan to purchase and renovate their ideal home;
- a four-person family that used the husband’s VA eligibility to buy a new home while keeping their old home as a rental property;
- a single man who used his VA eligibility to purchase a townhome;
- and a single man who used a conventional loan to purchase his first home.
At Garvens Mortgage Group, we have seen virtually every type of borrower you can imagine come through our office, and in every case we were able to find the right mortgage product for them and their situation. Nobody should be under the impression that there’s a ‘right type’ of homebuyer. There isn’t. Potential homebuyers shouldn’t ask themselves whether they’re the ‘right type,’ but whether it’s the right time. That’s the only question that matters, and answering it is the first step to getting out there and buying a home.