Single Homeowners: Ready to Be Home Alone?

Once upon a time, the "single-family home," despite its misleading name, housed a mom, a dad, two kids, and a dog...or, at the very least, a husband and wife in training for the kids and dog. If Mr. Jones pulled his Chevy into the driveway after a long day of work and disappeared into a dark, quiet house to eat take-out and watch TV by himself, then it was whispered that there must be something wrong with him. Why would one person need all that space? He must be antisocial...or a child molester...or...or...something else bad because everyone knows the key to being a good person is getting someone else to listen to you snore for the rest of your life, right?

These days, "single-family home" often has a more literal meaning as a house where a single adult lives, with or without kids. In case some marrieds are still wondering, singles buy homes for the same reasons you do--for privacy, space, an investment, stability. Apparently, these basic human needs are pretty important to American singles because, in 2008, 30% of home buyers were single according to the National Association of Realtors. Let me rephrase that for added impact: More than a quarter of U.S. home buyers are now living "home alone."

Since homes have declined in value by over 20% since their 2006 peak, now would seem to be the time to buy in for singles who have the means. But before you graduate from paying the rent to paying the mortgage, you should take an honest look at the hidden costs and upkeep required to keep those window boxes blooming and that picket fence sparkling white. Keep these factors in mind when evaluating whether single home ownership is for you:


1. The cost of owning a home extends well beyond the mortgage. It also encompasses property taxes (about 1.5% of the property value), insurance (about .5% of the property value), heating (about $101.20 per month) and electricity (about $1,182 from October to March), and routine maintenance. Some of these costs will vary by location and could be much higher. For instance, if you live in a northern state, the cost to heat your home during the winter months will jump to $2,725. Likewise, if you live in a good school district, expect to pay thousands more per year, such as the good residents of Westchester County, NY, who cough up an average property tax of $7,908 compared to their brethren in Vernon Parish, LA, who owe a scant $115. And the sad fact is that you can't call a landlord when you need a new roof or septic system, either of which can easily run you $20,000. So make sure you prepare yourself and your bank account for these additional expenses.

2. You will need to be your own handyman (or -woman!). Even if you move into a brand new house, sooner or later there will be drains to unplug, electrical outlets to install, major appliances to repair. On a more frequent basis, there will be minor tasks awaiting your tired back after a long day of work--carpets to vacuum, shelves to dust, windows to wash. In your one-bedroom apartment, you may polish off these jobs in an hour on a Saturday morning, but the average size of a house is well over 2,000 sq. ft.! And we're just talking about the inside. Outside, there will be grass to mow, leaves to rake, snow to shovel. Some of these responsibilities you will need to tackle yourself, and others will require you to hire a pro, often for a hefty $75 or $100 an hour, and take the day off to wait for him to (possibly) show up. Think about whether you have the time and physical endurance to be a good housekeeper...or whether you can afford to have someone else do it for you.

3. A house is first and foremost a place to live, not an investment. If you want to invest, try an IRA or a mutual fund, as millions of unsuspecting homeowners backed by Countrywide and Fannie Mae learned this year. That is not to say that your house won't appreciate over time, but we now know its value can also plummet, leaving you in hot water if you owe more than it's worth, a situation now facing 27% of American homeowners. So don't assume that buying is always a financially savvy decision. In fact, if your rent is at least 35% less than the annual cost of owning the home you want, re-sign that lease because you're better off renting. On the other hand, you will get a happy, healthy tax break for owning, so include it in your calculations!

4. A house is a place to put down roots and build a foundation. It is not a substitute motel room with more space and fewer bedbugs. If, like many young singles unsettled in their careers, you don't intend to stay for at least three or four years, you may want to put off buying. The costs incurred when a house changes hands can add up to a big fat loss if you have to go through the process twice in as many years, and if you sell before you've owned even that long, you'll get hit with a capital gains tax. So be sure you like where you live and that your source of income is stable.

5. A house is not automatically a home. While some singles luxuriate in the space and solitude of a house, others find that four walls and a roof don't equal a home without their roommates or neighbors across the hall. If you like to be surrounded by people all the time, living in a house by yourself can be an isolating experience. It also may raise safety concerns for those who are older, have health issues, or live in high-crime neighborhoods. If you're worried about any of these possibilities but still want a place of your own, consider condos and housing developments, where neighbors are more accessible. Also, just because you're single doesn't mean you have to live alone any more than it did when you rented. Now you can become the grouchy landlord you always hated and rent one or more rooms in your house, which will not only provide the companionship you seek but some help with the mortgage, too! (Just remember that if your tenant lives with you, there's a limit to how grouchy you can be before it's no longer in your best interest. ;) )


The five points above are not intended to discourage you from pursuing your dream of single homeownership but to remind you of the realities behind the romance of that little cabin in the woods or cottage by the shore. However, if you understand and are prepared to shoulder the responsibilities of a house, then there's no reason to wait for a significant other to enjoy the comfort, privacy, and personal space as well as the sense of pride that are part and parcel of owning your own home.

If still in doubt, test it out! You can always rent a house for a year or two to get a sense of what it takes to maintain a residence before you're the one required to maintain it. Who knows? The landlord may even offer to sell once you've established a good relationship.

Now that you're ready to join the big kids and be home alone, you face a long and sometimes arduous road from pre-approval to move-in day. Next time, Singletude will guide you down the path step by step with tips for single house hunters.


Are you a single who hopes to buy a home of your own? If so, what are some of the pros and cons that you've been considering? If you already own a home, are you glad you made the decision to buy? What advice would you give to other singles thinking about buying their own homes?


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Do you have a question for Clever Elsie about some aspect of the single life? Have a rant or rave about singlehood? Write in, and you just might see your question in a Singletude Q&A or your rant or rave in a Singletude Sound-off!