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Why Wait To Buy Your First Home Till You Are Married

Why Wait To Buy Your First Home Till You Are Married

YoungCoupleIn my parents generation it was easy, you dated, got engaged, got married, then bought the house. Lots of little check marks on the list and very few deviated from the norm.

In my generation it was a bit more difficult. You still did the dating part, but we typically added the living together part before the marriage or even the engagement. It was practical, and a bit controversial, but we did it.

Now our children are facing another change in the equation. Young couples are buying homes together before they get married.

Coldwell Banker has come out with a new survey that shows 24 percent of millennial couples are buying the house before they get married. Now part of this is because these couples are waiting much longer to tie to the knot, but for those in the real estate industry it is a trend to watch.

Especially as we see the housing industry start to recover. If these numbers were growing in the recent housing recession I think they will explode as the market takes off.

So remember when you want to go back into your personal history to predict future events in real estate, odds are you will be mistaken. The world is changing, fast, and the smart and successful agents are watching these trends and using them to their advantage.

Survey Trends: Love, Marriage and Homebuying

New Homes for Newlyweds: More than one in three married homeowners (35 percent) purchased their first home together by their second wedding anniversary.

Cold Feet? Not These Couples: 17 percent of all married couples surveyed purchased a home together before their wedding day.

Millennials are Less Likely to Wait Until Marriage: 24 percent of married homeowners ages 18 to 34 bought a home together before they were married, compared to 14 percent of those ages 45 and older.

Southerners Take Their Time: 72 percent of married Americans in the South waited until after they were married to purchase a home, compared to 60 percent of Americans in the Northeast.

To Have and to Hold … and to Own: Only 16 percent of married U.S. adults have not purchased a home together with their current spouse.

View the whole study here.

10 comments

  1. With real estate prices going up so fast it's better to buy something ASAP. Of course I am traditional so I would get married first. But that's just me.

  2. Today young people are more prepared than before and know what they want. It is normal to buy homes before marriage because times change. Marriage is a thing of the past, people marry less but people know that in order to buy a house there to be two.

    The real estate sales are improving and it is something to celebrate. But there is still a long way out of the crisis. Let's cross our fingers and hope that the world improves.

  3. Dear Tom i agree with you as well as with your blog in modern world it is very difficult to buy our own property. Investing is real estate is the best option for investing in today's time.

  4. If you buy before being married, just make sure to have agreements on who owns what and what happens if you decide to sell.

  5. In Chile there has been this trend sharply, more and more young people enter the purchase of a home before marriage, a product of economic growth of the country, access to financing and the wide range of existing housing in traditional neighborhoods as Santiago Center, and San Maiguel Independence. http://www.youtube.com/watch?v=zDgNxD7s7bo

  6. The bull markets are ALSO opportunities for young couples, Chile has seen traditional suburbs where property development has generated interesting investment opportunities for both local and foreign investors. Here is a video of an attractive property in the town of San Miguel, Santiago, where young people can access their first family home. http://www.youtube.com/watch?v=zDgNxD7s7bo

  7. Today with the prices of house and lot higher compare 10-20 years ago, it's really difficult to buy your own house. But with the combination of salaries of the newly weds, it gives a high buying power for the couple. I think it is one of the reasons why this trend is happening.

  8. Buying a home is a huge investment, and many people spend the lifetime savings for fulfilling their dream of having their own shelter over the head. Therefore, one should not hesitate seeking the help of an experience real estate agent that understands the worth of your hard earned money, and help making the right purchase, at reasonable prices.

  9. It isn't easy to buy property in such an early age, but it's a good idea for future because after marriage it's difficult to transfer home and rearrange everything from starting.

  10. I'd like to know more about these statistics. How old are these unmarried couples who buy homes together? Most of the young people I know ranging in age between 20 and 30 are either still in college or paying off college loans or not able to come up with the down payment. Possibly it depends on the price of homes in the area and the quality of jobs available for young people.

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