Skyline of Richmond, Virginia

Single Adults Find Financial Security Through Home Ownership

12.06.06

It used to be that buying a home was part of the whole American Dream.  You found a partner, fell in love, got married, and then bought the house.  Today, however, more and more single people are becoming first-time homebuyers.  In fact the National Association of Realtors has estimated that one in every four first time home purchases are being made by singles — with single women outnumbering the single men purchasing homes at a two-to-one ratio.  It’s really not a bad idea.  Buying a home provides a sense of financial security that just can’t be found through renting.  Besides the obvious tax breaks, a home generally increases in value creating a stable and accessible account for future financial necessities.  Not to mention there is just something about purchasing your first home that brings a sense of accomplishment that renting just can’t offer.