The housing market and home ownership is undoubtedly linked to life stages especially the sanctity of marriage. Singles are more likely to rent while couples that are married gravitate to buying a home. As couples become families the location of the home they want to live in may change, as they might want to enter a certain school district or live in a neighborhood that has a premier reputation for being family oriented. As children leave and parents become “empty nesters” your desired home profile may change then as well.
The trend of late is that the age of people getting married is rising. In the 1960’s and 70’s it was commonplace to be married between 18 and 24 years old. It’s now trending to late 20’s and early 30’s for the average age of people getting married.
The share of 25 to 29 year-olds who are married is down by almost 48% for men and 43% for women from 1970. This single fact is one of the biggest game changers in the housing industry.
So this may explain why the rental market is so competitive and the one faction of residential sales that has regressed during the current real estate recovery. It makes sense that home ownership directly correlates with your marital status and changes in your life cycle.
If you maybe in one of these life cycle changes and need to speak with a professional Realtor about your best options please don’t hesitate to contact me.
Warmest Regards,
Kevin Aizenshtat
Realtor