According to the United States Census Bureau, since 1970, the average age for first weddings rose for both genders: for men, from age 25.3 to age 27.1, and, for women, from age 20.8 to age 23.2. Furthermore, the percentage of both men and women age 30-34 who have never been married has quadrupled since that time!
While we see a specific trend toward later marriage and, hence, a general decrease in stigma around remaining single longer, the advantages of owning a home increase as one progresses career-wise and as one becomes more aware of our ownership-oriented economy.
More and more young single people are seriously considering the advantages of equity instead of rent, enhanced creative control over their property, and increased stability and security all as powerful factors leading them to decide to go this route as soon as feasible rather than waiting for marriage.
Furthermore, though people generally may not be taking the marriage plunge as fast as in prior generations, the economic reasons to dive into home ownership are better than ever. Declining interest rates have led to a wider variety of lending options available to young people, and special mortgage tax deductions for first-time home-owners make sound economic sense, whether young adults are married or not.
In addition, the increased prevalence of low or no-down-payment mortgages have made it much easier for young workers to enjoy home-ownership without the delays prior generations’ endured. Taking advantage of lower down-payments, singles can bypass the long process of saving up and/or pooling money with spouses for the deposit, or waiting and hoping for parents to help with the down-payment as a general kindness or as part of the wedding gift.
All in all, it makes for a favorable climate for young single people to dive right in and make that first home happen. |
