More often than not, we hear of couples buying a home together; it’s rare we hear of single people buying homes in droves. In fact, the single male makes up only 10 percent and the single female only 18 percent of buyers in the current housing market. On the other hand, couples account for 71 percent of all buyers. A Coldwell Banker study found that one in four young couples bought a home together before getting married, while a National Association of Realtors’ study found that married couples make up 64 percent of buyers.
So, what does purchasing a home together mean for a couple? Well, let’s look at it this way: a home is one of the biggest purchases someone can make. When couples embark on making this purchase together, they are acting on hope for their future. According to psychotherapist Dr. Robi Ludwig, couples “are operating on an optimistic feeling and belief system that the home will make their life experience more rewarding and fulfilling.” In fact, 80 percent of married Americans who purchased a home with their spouse found that the experience “did more to strengthen their relationship as a couple and family than any other purchase they had ever made together.”
What are some other benefits of buying a home with your significant other? According to a Coldwell Banker infographic, 92 percent of coupled home buyers say purchasing a home with their significant other was a positive milestone in their relationship and life together. Furthermore, 88 percent said that the purchase had a positive impact on their view of being a couple and a family. In fact, 35 percent of couples wished they had purchased their first home together sooner.
So, when exactly are couples buying homes together? Younger couples are starting to purchase homes much earlier. Harris Interactive, a market research firm out of New York, found that 24 percent of couples who bought a home before getting married were ages 18 to 24. Overall, the survey found that 17 percent of couples purchased a home before marriage, 38 percent bought within zero to four years of marriage, 15 percent between five to eight years, eight percent between nine to 20 years, and five percent after twenty years of marriage. Lastly, 16 percent of married Americans have not purchased a home with their current spouse.
To conclude, Dr. Ludwig has some advice for those planning to buy a home with their significant other:
- Be introspective
- Communicate effectively with each other
- Understand each others’ needs and wants
- Be supportive
- Recognize your differences
- Be open with your finances
- Be willing to compromise
- Prioritize what’s important in a home
- Discuss goals for three, five, and ten years down the road
- Be patient
- Have fun!
The Benefits of Buying a Home with Your Significant Other by HouseHunt