First comes love. Then comes… buying a home, according to a new Zillow report. Then, maybe marriage.
Across the country and in Miami, an increasing percentage of all young homebuyers are unmarried couples. In Miami, 18.4 percent of homebuyers aged 24 to 35 are unmarried couples – up from 13.5 percent in 2005.
In the U.S., 15 percent of young homebuyers are unmarried couples, up from 11 percent in 2005.
Nearly 75 percent of all homebuyers are married or in a relationship, Zillow said. And millennials, between the ages of 18 and 34, are the largest group of all generations of homebuyers, representing 42 percent.
Rising home prices are likely a contributing factor. Buying a home is easier with two incomes, especially as rising interest rates push millennials further out of U.S. housing market.
In Miami, home prices have increased for more than five consecutive years, the Miami Association of Realtors reported for the month of December. In single-family homes, prices have risen for 61 consecutive months, and for condos, in 65 of the last 67 months. Prices of single-family homes in Miami-Dade County increased by 9.5 percent year-over-year in December, from an average of $278,500 to $305,000. Condo prices also rose by 1.3 percent year-over-year, from $207,400 to $210,000.
Of all young homebuyers in Miami, 29 percent are single, down slightly from 30.9 percent in 2005, according to Zillow. The single ladies represent 15 percent, while single men represent 13.9 percent of young homebuyers. – Katherine Kallergis