Single Income, No Kids? The Rise Of the SINK Homebuyers And How Much You Need To Buy Solo
The group vice presidential candidate JD Vance called "childless cat ladies" are taking charge of their future and purchasing homes in large numbers.
Single women have historically led the way in single-person homeownership, according to Realtor.com senior economist Ralph McLaughlin.
In 2023, single women accounted for 19% of all homebuyers. Data from the U.S. Census Bureau shows that single women own 20.3 million homes in the U.S., compared to 14.9 million owned by single men.
Don't Miss:
This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.
A billion-dollar investment strategy with minimums as low as $10 — you can become part of the next big real estate boom today.
"Single-female homeownership tends to be in more aged markets and at least partially reflects the fact that females tend to outlive males and that older females are more likely to be divorced and widowed," McLaughlin said.
Real estate agents report that many of their clients are female SINKS (single income, no kids).
See Also: Will the surge continue or decline on real estate prices? People are finding out about risk-free real estate investing that lets you cash out whenever you want.
"I have a lot of SINK clients and most of them are women between the ages of 35 and 65," said Stacy Miller, a real estate agent with Re/Max Fine Properties in Phoenix.
Miller said many of her older SINK clients relocate to Arizona from other states to be closer to grown children, grandchildren or aging parents or because they are newly divorced or widowed.
Trending: Elon Musk and Jeff Bezos are bullish on one city that could dethrone New York and become the new financial capital of the US. Investing in its booming real estate market has never been more accessible.
SINKs prioritize safety and security and are often drawn to areas where they can get more value for their money.
"Regardless of gender, single-person homeownership tends to be higher in smaller, less expensive markets, presumably where it's easier for single-income households to afford homes," McLaughlin said.
In 2022, eight of the top 10 metro areas for single-family homeownership had median home prices below the national average.
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." These high-yield real estate notes that pay 7.5% – 9% make earning passive income easier than ever.
The top five metros for single female ownership are Barnstable Town, Massachusetts; Topeka, Kansas; Rocky Mount, North Carolina; Wildwood-The Villages, Florida; and Ocala, Florida.
Lake Havasu City, Arizona, is the top spot for single male ownership and Ohio is the most popular state for single male homeowners.
The No. 1 advantage of being a SINK homeowner is the freedom to decide solely based on personal preferences.
"In my experience, SINKs' decision-making process is much more efficient because they don't have to compromise to the wants or needs of another or ‘be on the same page' with a co-buyer," said Robert Dodson, sales manager and broker at Charles Burt Realtors in Joplin, Missouri.
Trending: Want to invest in homes? $100 is enough on this platform that lets you cash out whenever you want.
SINKs also don't have to factor in school districts, giving them more flexibility in choosing where to buy. They can focus on urban, walkable areas with vibrant nightlife without prioritizing a kid-friendly neighborhood.
For SINKs, the ability to afford a home on a single income is a major consideration when deciding whether to purchase a property.
The typical monthly mortgage payment – based on a median list price of $438,950, a 6.49% mortgage rate and a 20% down payment – is about $2,222, not including taxes, insurance and other fees.
Read Next:
This billion-dollar fund has invested in the next big real estate boom, here's how you can join for $10.
Unlock the hidden potential of commercial real estate — This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today!
UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.
Get the latest stock analysis from Benzinga?
This article Single Income, No Kids? The Rise Of the SINK Homebuyers And How Much You Need To Buy Solo originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.