Single Homebuyers: Owning a Place on Your Own

Buying a home isn’t just for married couples—it’s something single people can do, too. Though there are challenges, owning a home on your own is a reality for millions of people across the United States.

In fact, about 35 million single individuals in the U.S. own their own homes, according to Pew Research. Interestingly, more single women own homes compared to single men. The data indicates that roughly 13 percent of single women are homeowners, while about 10 percent of single men have their own place, as reported by The Hill. This difference is partly due to the fact that there are more single women than men, including many widows who have kept their homes after a spouse passed away.

Buying a house follows the same process whether you’re married or single, but there are key differences between these situations. Couples usually benefit from combining two incomes and two credit profiles, which helps boost their financial strength when applying for a mortgage. A single homebuyer, on the other hand, relies solely on their individual income and credit profile. This can make buying a home a bit more challenging, but certainly not impossible.

Financing a Home as a Single Person

Whether you’re single or married, the amount of house you can afford depends largely on your income and the amount of debt you carry. Mortgage lenders look closely at these numbers to determine what you qualify for. A good credit score is crucial, too—it affects the interest rate that a bank will offer. The better your credit score, the lower your interest rate will likely be, which could save you a lot of money over the life of the loan.

Cash is another important part of buying a home. You’ll need savings for a down payment, typically ranging from 3% to 20% of the home’s price, depending on the type of loan. It’s also wise to have some extra cash saved up after the purchase—houses can surprise you with unexpected expenses, and having a financial cushion can prevent small issues from becoming big problems.

One trend becoming more common is buying a home with a partner, even if the couple isn’t married. In 2020, about 9 percent of all homebuyers in the U.S. were unmarried couples, according to the National Association of Realtors. Typically, one partner purchases the home in their name alone, though some lenders do allow both partners to be co-borrowers on the mortgage.

Considerations for Unmarried Couples

For unmarried couples, homeownership comes with a few extra decisions to make. There are several ways that property ownership can be divided, which can impact both finances and long-term planning.

One option is for just one partner to hold sole ownership of the property. This can simplify things, especially when it comes to the mortgage, but it may create complications if the couple splits up or if one partner passes away.

Another option is for both partners to own the home equally, with each person holding a 50% share. This arrangement often includes a “right of survivorship” clause, meaning if one partner passes away, the other automatically inherits the full ownership of the house. This can be a reassuring choice for couples who are committed but prefer not to marry.

A third option is to divide the property in any percentage that makes sense for the couple. For instance, one partner could own 60%, and the other 40%, depending on how much each person contributes financially. In this setup, each partner can decide what happens to their share of the property after their death—leaving it to their partner, a family member, or anyone else of their choice.

Making Homeownership a Reality

Buying a home as a single person is a significant achievement, and while there are obstacles, millions of Americans have proven that it’s entirely doable. It comes down to careful planning, saving, and understanding your financial situation. Being single means you won’t have the benefit of a partner’s income, but it also means full control over the decision-making process—choosing the home that best fits your lifestyle, your needs, and your budget.

For unmarried couples, buying a home can be a wonderful step in building a life together, even without marriage. It does require some important conversations about finances and future plans, but with the right approach, it can be a rewarding way to invest in a shared future.

The bottom line? Whether you’re single, in a relationship, married, or somewhere in between, owning a home is an achievable dream. It just takes the right mix of planning, patience, and persistence.