Couples would generally have to spend less than five years to save a typical 20% down payment on a new home. Single people, however, have to spend double that amount of time, as it typically takes 11 years for them to do the exact same thing.
Even worse is the fact that there’s a lot more competition when it comes to single people looking to purchase a home because of the fact that fewer homes are available on the market. Home sales across the United States over the last year have decreased close to 11%, and cheaper home sales have decreased approximately 18%.
For instance, in the city of San Jose, California, a single person can spend as much as 30 years saving enough money for a down payment for a home. This amount of time is longer than a normal home loan. Single people could afford to purchase about 45% of homes that are currently available, as opposed to couples, who can afford to purchase about 82% of these same homes.
Perhaps the least sad story is in Indianapolis, Indiana, where it’s currently estimated that it takes approximately less than eight years for a single person to save enough money to make a down payment for a new home. Furthermore, the city itself also offers them the biggest share of available homes that are among the biggest housing markets in the entire country.
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