Given the rising costs of homeownership, married couples tend to have a sizeable advantage when it comes to making that purchase, especially for the first time, according to a recent column by National Association of Realtors (NAR).
Its deputy chief economist and vice president of research, Dr. Jessica Lautz, reports that 61% of homes purchased are by married couples, which is far more than the 10% bought by unmarried couples.
Both cohorts' typical household income gives them "considerably more buying power" than single home buyers, NAR reported.
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Married couples who purchased a home as first-time buyers during the past year typically have a household income of $79,200; unmarried couples' household income is around $72,500.
The typical age of a married couple purchasing is 53. Unmarried couples' age is 47, NAR said.
As for reasons to purchase, married couples tend to want to buy near family. A "change in family situation" is why many unmarried couples buy.
Married couples tend to want to buy near their job locations and unmarried couples look more to proximity to veterinarians.
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