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52% of Singles chose to buy in suburbia? Do you think it’s true in Columbus?
June 18th, 2010 categories: Real Estate News
Of course having just said that, I think of a recent client who went to Dublin and bought a condo there because he simply couldn’t find what he wanted (and his wants were not so outrageous) in German Village or the Short North for the same price.
This is a simple fact of the marketplace here in Central Ohio; Your money goes farther the further you get from Broad and High. If you want to live in midtown on one salary, there is often a sacrifice to make…square feet, parking, updating, a more fringe location that you’d hoped. Most of my clients are willing to make those sacrifices (not just young 20-20somethings, but older empty nesters too) and they’re always informed and prepared when the right thing comes on the market.
Singles flock to suburbs
Coldwell Banker survey finds singles chasing bargains
By Inman News, Friday, June 18, 2010.
While young Millennials seem to have a preference for suburbs, they’re not the only ones. Singles of all ages are more likely to buy a home in the burbs, according to the results of a survey by national brokerage company Coldwell Banker Real Estate.
The company conducted a national online survey of 1,050 single homeowners in April. It found that 52 percent of singles chose to buy in suburbia rather than getting “bachelor or bachelorette pads” in urban or rural areas.
The reasons behind that preference may have a lot to do with finances — 53 percent of respondents said they bought a home because it was more cost effective than renting in their area, the company said.
Diann Patton, Coldwell Banker Real Estate’s consumer specialist, said in a statement that singles and first-time buyers, among others, “can afford much more house for their money than they may have been able to in previous years. Many are recognizing that a mortgage payment on a house can actually be the same or less than what they would spend on rent.”
Posted via web from Sights and Sounds of Columbus, Ohio Real Estate
Shanna Lafontaine
June 21st, 2010
Joe, I tend to think that statistic is about right. Singles obviously don’t make as much money as a married or cohabiting couple and often times I have clients that start out wanting German Village, Short North, Clintonville, or Grandview and then they realize how little they can get for their buck, if anything at all and move their search to the ‘burbs. Not everyone, but at least 75% of my clients that start in downtown area move outside of 270. Most people aren’t willing to pay the premium to live in urban Columbus, yet!
Shanna