In the elementary school Dick and Jane reading books the idyllic children lived in the most stereotypical of North American families, circa the 1930’s. The two titular children lived with Father and Mother, their baby sister Sally and their cat and dog Puff and Spot, in a world that was as bland and unrealistic as could be. But some of that ingrained stereotypical thinking has become part of the national psyche. When asked to think about a typical homebuyer the likely first impression would be that of a couple.
But increasingly those old fashioned notions are being cast aside as single people, both male and female, are taking the leap into home ownership. So why would young singles want to become homeowners? Research collected during the past few decades clearly show the reasons are the same as for married couples – to build equity, to establish a link to the community and to avoid paying rent.
In addition Canada Mortgage and Housing Corporation (CMHC) stats indicate that across the country as many as 42 percent of all condominiums are owned by singletons, with this most affordable of housing style the preferred choice for youthful first time buyers. The bachelor or bachelorette home purchaser is a new and increasingly important part of the buying public.
Young professionals actively building their careers are being attracted to condos and small single family homes as an investment for the future. Being part of the system by owning a condo provides them with a stepping stone when they do decide to marry and move up to a more family-friendly type of habitation. Before taking the step of homeownership Millennial buyers have to consider such mundane things as job security, saving for a down payment, commitment to a community and other fundamental factors before beginning a home search.
Home buying as an investment is another of the key attractions young buyers have found appealing. This would include purchasing a revenue-generating rental property such as an apartment or cottage. Tech savvy singles can easily search for local properties of interest, coming up with a short list of properties worth viewing. The Internet also allows them to seek out the right sort of professional help for their real estate plans, including bankers, mortgage brokers, insurance sales offices and of course REALTORS®.
Unlike with more established and mature home buyers, first time single buyers, with brand new careers and with memories of school and university still fresh in their minds, are more likely to turn to professional help when seeking and purchasing property. Accustomed to receiving the support of mentors, young buyers instinctively recognize the value of going with professional guidance when traveling through what to them is unfamiliar territory.
So is home ownership the right choice for young singles? Increasingly it is, as they plan for the future and set down roots in the communities of their choosing. Maybe future editions of the Dick and Jane stories, if such things were ever to exist, might include chapters on community building. “See Dick earn equity, “ or “See Jane set down roots.”