Perched high above the city in a stylish, sleek condo, sits a 20-something young professional, sipping a martini in the hour after work and before he meets up with friends at the hip lounge just down the block. This is how many of us imagine the young, single homeowner, living in a multi-story condo building right smack in the middle of the urban epicenter.
However, according to a recent online survey conducted by Coldwell Banker Real Estate, the majority of the single homeowners surveyed have chosen living in the suburbs over the city.
Read more to see why singles are tending to choose suburbia over downtown living.
This could be attributed to the single homeowner wanting more “bang for their buck” with a larger home in the suburbs, rather than a cramped condo downtown. The single homeowner is also proving to be more conservative with their spending; the results of the survey show that 68 percent of these buyers purchased a home in a lower price range than what they had budgeted. They simply see that owning a home is more cost-effective in the long run than renting.
To read the entire results of the survey, click here.
Perhaps the single homeowner has been swayed in their decision by the first-time homebuyer tax credits. Whether you’re looking to buy a home in the city or suburbia, if you want to take advantage of the homebuyers tax credit, you need to act fast. There is only ONE WEEK until you must have an accepted offer on a home to qualify! Talk to your local real estate expert to see how you can cash in on this amazing opportunity, and get working on it FAST.