Single home buyers overcome challenges to buy homes early in life and find suitable communities and homes later in life. There is a nationwide shortage of homes below 1,400 square feet making it difficult for single first-time home buyers to find homes they can afford. Later in life, finding a home and community that supports staying mentally, physically and socially active while maintaining an independent lifestyle can be a challenge for single home buyers over 55.
Single Home Buyers Increasing in Numbers
More than 38 percent of US homeowners are single according to an article in USA Today showing an analysis by Haus of Census Bureau data from 2018. That’s up from 35% in 2000 and 18% in 1960.
It makes sense that more homeowners are single now as the percentage of single Americans ages 18 to 34 hit a new record in 2018 of over 72% and nearly one-third of all seniors live by themselves. Gen Xers and Baby Boomers make up a larger percentage of the population than ever before with homeowners over the age of 65 making up the largest group of homeowners by age.
Another reason for the increase in single home buyers is many people are waiting longer to get married and no longer consider being married a prerequisite for buying a home. And people over 55 are more likely to be divorced, separated or never married.
Single Home Buyers Overcome Challenges
Over the last 50 years, women have had more opportunities for professional careers leading to financial independence and homeownership. A data analysis report by LendingTree based on U.S. Census Bureau data shows single women are outpacing single men in homeownership on average by nearly 1.6 million homes in America’s 50 largest metro areas.
According to a report by The National Association of Realtors (NAR), while both single men and women desire to own their own homes, women are willing to make more sacrifices to overcome financial challenges when purchasing a home than men. This includes cutting spending on non-essential goods, entertainment, clothes, and canceling vacation plans.
While younger homeowners often have family and friends for support and company, many older homeowners live alone and may become vulnerable to health issues from social isolation such as cognitive decline, depression, and heart disease. Many of these challenges can be helped by living in an active adult, 55+ community with an abundance of opportunities for physical and social activities while still allowing an independent lifestyle.
Importance of Community
Having a sense of community where you live is vital to feeling like you belong especially if you are over 55. Enjoying the company of neighbors and being invited to social events is essential to most older adults.
According to the Alzheimer’s Association, the four key ingredients to a healthy brain are proper diet, physical exercise, social activity and mental activity. Living in a 55+ community designed for an active adult lifestyle allows residents to be socially active with their neighbors and use amenities such as walking trails, a swimming pool, fitness center and pickleball, bocce ball or tennis courts to get vital exercise.
The importance of community when buying a new home has long been recognized by Epcon. Our 55+ communities are meticulously designed to bring people together with amenities and activities that provide a variety of options for the active adult lifestyle.
If you are a single home buyer, living alone doesn’t have to feel lonely or isolated. Our communities are sized to make it easy to get to know your neighbors and take part in activities and events. Residents look out for each other and help each other to instill a feeling of safety and belonging while still maintaining an independent lifestyle.
We help single home buyers overcome challenges with hard-to-find smaller floorplans. Our luxury single-family homes offer floor plans starting from 1,300 square feet up to over 3,000 square feet with 2-4 bedrooms. Most communities also include landscape maintenance provided by the HOA so you can spend more of your time doing what you love!
If an active adult lifestyle is appealing to you, explore Epcon’s 55+ communities in locations around the country and explore all the benefits we offer. Contact us to learn more and make an appointment to visit one of our communities near you.