Singles looking for their Valentine this week could get an unexpected benefit if things work out well; a faster move to a new home
Singles looking for their Valentine this week could get an unexpected benefit if things work out well; a faster move to a new home.
That’s because single homebuyers face an agonising 11 year wait to save enough for a down payment on the median priced US home, more than double that of a couple.
An analysis from Zillow calculates that less than half of all US homes are affordable for a single buyer based on a median household income of $34,500.
"Nearly two-thirds of Americans agree that buying a home is a central part of living the American Dream, but for unmarried or un-partnered Americans, that dream is increasingly out of reach," said Zillow senior economist Aaron Terrazas. "Single buyers typically have more limited budgets, which means they are likely competing for lower-priced homes that are in high demand. Having two incomes allows buyers to compete in higher priced tiers where competition is not as stiff."
The power of two
A couple with a combined household income of $80,800 could afford 82% of all US homes and would be able to save their down payment in a relatively-short 5 years.
The gap between affordability for singles and couples is wider in many markets including Portland, where 73% of homes are affordable to a couple, but only 6% are affordable to a single buyer; in Sacramento buyers, it’s 75% for couples and 8% for singles.
Single buyers should head to Indianapolis where saving for a down payment takes less than eight years, and they can afford 71% of homes.
|
Years to Save for a |
Percent of Housing |
Maximum Value of |
Median Household |
|||||
|
Metropolitan Area |
Married / |
Single |
Married / |
Single |
Married / |
Single |
Married / |
Single |
|
United States |
4.6 |
10.8 |
82 |
45 |
$412,736 |
$176,098 |
$80,800 |
$34,500 |
|
New York-Northern New Jersey |
7.5 |
18.8 |
64 |
10 |
$521,518 |
$208,055 |
$ 103,000 |
$41,200 |
|
Los Angeles-Long Beach-Anaheim, CA |
13.4 |
26.8 |
24 |
2 |
$438,458 |
$222,589 |
$86,000 |
$42,800 |
|
Chicago, IL |
4.2 |
10.2 |
91 |
48 |
$486,310 |
$197,020 |
$95,000 |
$39,000 |
|
Dallas-Fort Worth, TX |
4.4 |
9.6 |
90 |
54 |
$440,698 |
$205,047 |
$87,800 |
$40,000 |
|
Philadelphia, PA |
4.2 |
10.9 |
92 |
44 |
$491,885 |
$193,877 |
$99,000 |
$38,000 |
|
Houston, TX |
4.0 |
8.8 |
91 |
58 |
$438,272 |
$197,571 |
$85,000 |
$39,000 |
|
Washington, DC |
5.8 |
12.4 |
82 |
34 |
$652,892 |
$303,901 |
$ 129,000 |
$60,000 |
|
Miami-Fort Lauderdale, FL |
6.6 |
13.9 |
73 |
31 |
$361,991 |
$172,508 |
$71,000 |
$33,700 |
|
Atlanta, GA |
3.8 |
8.3 |
90 |
60 |
$440,196 |
$205,081 |
$87,000 |
$40,000 |
|
Boston, MA |
6.8 |
17.6 |
74 |
10 |
$587,535 |
$228,239 |
$ 116,000 |
$45,200 |
|
San Francisco, CA |
12.6 |
27.8 |
33 |
2 |
$656,277 |
$286,329 |
$ 128,000 |
$58,000 |
|
Detroit, MI |
3.0 |
8.0 |
96 |
60 |
$453,958 |
$164,167 |
$87,400 |
$32,300 |
|
Riverside, CA |
8.6 |
17.5 |
65 |
11 |
$367,681 |
$177,581 |
$72,300 |
$35,300 |
|
Phoenix, AZ |
5.7 |
11.7 |
84 |
38 |
$393,648 |
$194,090 |
$77,500 |
$38,000 |
|
Seattle, WA |
7.6 |
17.1 |
68 |
12 |
$529,317 |
$234,656 |
$ 103,200 |
$46,000 |
|
Minneapolis-St Paul, MN |
4.6 |
11.1 |
93 |
39 |
$512,526 |
$209,175 |
$ 100,000 |
$41,000 |
|
San Diego, CA |
11.0 |
22.2 |
40 |
3 |
$471,840 |
$234,123 |
$93,000 |
$46,100 |
|
St. Louis, MO |
3.3 |
8.1 |
95 |
63 |
$443,217 |
$179,537 |
$88,000 |
$35,300 |
|
Tampa, FL |
4.7 |
10.5 |
87 |
45 |
$360,353 |
$163,258 |
$71,000 |
$32,200 |
|
Baltimore, MD |
4.6 |
11.2 |
91 |
42 |
$562,327 |
$229,242 |
$ 110,000 |
$45,000 |
|
Denver, CO |
7.0 |
14.5 |
79 |
17 |
$495,133 |
$238,822 |
$98,000 |
$47,000 |
|
Pittsburgh, PA |
3.1 |
8.1 |
96 |
63 |
$429,967 |
$162,840 |
$83,650 |
$32,000 |
|
Portland, OR |
7.6 |
16.8 |
73 |
6 |
$456,201 |
$204,963 |
$89,700 |
$40,400 |
|
Charlotte, NC |
4.0 |
9.5 |
89 |
51 |
$402,000 |
$172,054 |
$80,000 |
$34,000 |
|
Sacramento, CA |
7.5 |
17.0 |
75 |
8 |
$459,278 |
$201,205 |
$90,000 |
$40,000 |
|
San Antonio, TX |
4.0 |
8.4 |
93 |
63 |
$394,830 |
$184,231 |
$76,000 |
$36,300 |
|
Orlando, FL |
5.4 |
10.8 |
87 |
43 |
$350,919 |
$177,219 |
$70,000 |
$35,000 |
|
Cincinnati, OH |
3.3 |
8.5 |
96 |
61 |
$443,360 |
$171,656 |
$87,000 |
$33,600 |
|
Cleveland, OH |
3.1 |
8.0 |
96 |
66 |
$403,868 |
$164,204 |
$81,300 |
$32,000 |
|
Kansas City, MO |
3.4 |
8.2 |
96 |
65 |
$443,150 |
$187,805 |
$87,000 |
$36,650 |
|
Las Vegas, NV |
5.5 |
11.4 |
88 |
38 |
$372,010 |
$182,161 |
$74,000 |
$35,800 |
|
Columbus, OH |
3.6 |
8.3 |
95 |
62 |
$440,449 |
$192,054 |
$85,000 |
$37,440 |
|
Indianapolis, IN |
3.1 |
7.5 |
96 |
71 |
$425,609 |
$176,828 |
$83,800 |
$35,000 |
|
San Jose, CA |
14.0 |
30.7 |
22 |
1 |
$693,211 |
$369,555 |
$ 136,200 |
$62,200 |
|
Austin, TX |
5.1 |
11.1 |
87 |
42 |
$497,165 |
$233,188 |
$99,000 |
$45,600 |
