Valentine’s Day, just around the corner, can definitely make singles feel left out. But these days, there’s no need to wait to find the man or woman of your dreams to buy a home. Some cities are awash in homeowning bachelors and bachelorettes, which makes them good bets for singles who want to buy—and perhaps find a partner, as well.
It turns out the best place to realize those dreams is Detroit. (We were surprised, too.) The Motor City metropolitan area boasts the highest percentage of singles who own their own pads, according to a recent realtor.com® report.
It’s likely the Detroit metro topped the list because the median home price is only $220,000—nearly a third less than the national median of $289,000. (The metro area includes the city and the surrounding suburbs.) About a quarter of all male residents, 23.4%, are single homeowners.
“Affordability in these markets has really helped more single buyers achieve homeownership,” says Danielle Hale, chief economist of realtor.com.
Owning a home may have other benefits: About 46% of singles nationwide say a homeowner is more appealing than a non-homeowner, according to a realtor.com survey of 500 unmarried respondents.
“Those who say homeownership improves a potential mate’s attractiveness are likely inferring that homeowners are financially stable and successful, probably good qualities to find in a match,” Hale says.
Just keep in mind the potential drawback: Homeowners don’t have as much flexibility to relocate, especially if they haven’t been in their home long enough to profit on a sale.
That said, singles on the hunt for mates with their own residences should look to the Midwest. St. Louis boasted the second-highest percentage of single men with their own homes, at 21.3% with a median home price of $198,000. The city was followed by Minneapolis, at 21.3% with a median home price of $353,000; Cleveland, at 21.2% with a median home price of $170,000; and Pittsburgh, at 19.9% with a median home price of $170,000.
When it comes to unattached women, the homeownership hot spots were in the Midwest and the South. Unmarried women are the fastest-growing group of home buyers today.
Detroit also boasted the highest percentage of single women who are homeowners, at 23.1%. It was followed by Baltimore, at 21.4% with a median home price of $297,000; Charlotte, NC, at 21.2% with a median home price of $320,000; Philadelphia, at 20.7% with a median home price of $250,000; and Minneapolis, at 20.7% with a median home price of $353,000.
Source: Housing Trends Feed