Homeownership More Cost-Effective Than Renting

While conventional wisdom holds that single adults prefer to live in urban areas, a national real estate company survey finds that a majority of single homeowners (52 percent) choose to live in the suburbs. The study finds that a majority of single homeowners (53) percent) said they bought a home because it was more cost-effective than renting, while 35 percent said they wanted more independence. What’s more, singles prove to be practical: More than two-thirds of single homeowners surveyed (68 percent) purchased a home that was below their price range rather than choosing to buy the most expensive home they could afford.

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