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What to consider when buying a home by yourself

 What we'll cover

  • Why more single people are buying homes

  • Challenges and benefits of buying a home by yourself

  • Strategies to make the homebuying process easier

Considering homeownership as a single person? You’re not alone. According to the National Association of Realtors, single women made up 17% of all homebuyers as of 2023 and single men made up 9%. Buying a home by yourself comes with some unique perks and challenges. Keep reading to find out what to know about buying a home as a single person.

Why more single people are buying homes

Many people see homeownership as a financial investment, so it makes sense to be interested in purchasing a home regardless of your relationship status. Buying a home could help you build wealth for the future, and no rules say you have to be coupled up before you can take this financial step.

While some single people may choose to buy a home with friends or family members, others simply prefer to live alone. What’s more, more people are marrying later in life or not at all, so naturally it makes sense why a bigger proportion of single buyers would be seeking homeownership.

Buying a home could help you build wealth for the future, and no rules say you have to be coupled up before you can take this financial step.

Challenges for single homebuyers

If you’re ready to buy a home on your own, you may face some hurdles that are a bit different than those who are buying a home with others. But with some tweaks to your approach, you can overcome them.

Lower annual household income

Buying a home as a single person means you’re relying on only your income. While it can feel intimidating, you may just need to take a bit more time to save up for expenses like a down payment and closing costs . With smart tools like buckets and boosters , features of Ally Bank’s Savings Account , you can supercharge your savings to help reach your goals faster. You might also consider a side hustle or putting in more hours at your full-time job to help make your dream of homeownership a reality.

More challenges to mortgage approval

Getting approved for a home loan is a big part of the homebuying process. As a single person, it may be a bit more difficult as you’re relying on just one credit profile and income to secure a loan. Be realistic about how much house you can afford . Explore your approval options to find the best fit for your situation. Make sure your credit is in tip-top shape. If it could use a boost, take steps to improve your credit score .

Perks of going it alone

Although buying a home as a single person comes with its fair share of challenges, there are some definite upsides as well.

Total autonomy

When you buy a home as a single person, it’s all on you. That might sound scary, but it can also be freeing. The neighborhood you choose, type of home you buy, and even how you decorate and customize that home is all your choice — no compromise necessary!

Purchasing a home with a partner or family usually means you need a certain amount of space and must accommodate everyone’s needs. As a single buyer, you likely have more flexibility when it comes to size and layout than you would if two or more people were moving in.

Financial freedom

You also have total independence when it comes to how you will finance your home. The lender you pick and the terms of your loan are your decision alone. While shopping for your future mortgage, don’t forget you can get pre-approved in as little as 3 minutes for an Ally Home mortgage . You’ll pay no lender fees, receive reliable support from a team of home loan experts every step of the way and can feel confident knowing that even as a single buyer, you’ll never be alone in the process.

Flexibility to pivot

Life circumstances can change. You may decide to pursue a new career that requires a cross-country move. You might meet a partner and decide to move in together. As a single homeowner, you don’t have to consider anyone else’s needs or circumstances. You can decide to sell or not on your own timeline.

Embrace solo homeownership

Homeownership among singles is on the rise. If you’re ready to buy a home as a single person, don’t be afraid to take the plunge. Prepare for the challenges and make the most of the benefits of buying a home on your own.

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