Many people consider home buying to be the American dream, but is that the case for everyone? According to Redfin, the number of homes purchased by unmarried buyers on a national scale has fallen 10 percent since 2006–despite the increase in the number of people living alone.
This trend represents a cultural shift in the country. While some young people are choosing to move back home to save money in this downturned economy, others are opting to rent because of the amenities and flexibility that not owning property offers.
You get a lot of flexibility when you choose to rent. After all, the opportunity to own down the line is always there, which may be something that you want to pursue later.
Of those who can afford to own, some are choosing not to buy because of a lack of trust in the real estate market. Additionally, singles who would like to become homeowners are facing more restrictive mortgage lending standards when compared to dual-income households.
So if you are a single, young adult which would you do, rent or own? Sound off in the comments!