It used to be somewhat rare for a single person to buy a house, and surprisingly, it still is. In 1981, when the National Association of Realtors started its Profile of Home Buyers and Sellers, 73% of homebuyers were married couples, 11% were single women and 10% were single men. In 2023, 59% of homebuyers were married couples, 19% are single women and 10% single men.

Buying a home solo is a big undertaking. A house, especially if it has a yard, can be a lot of space to pay for and maintain. A condominium may seem like a safer choice, since a homeowners association will, for a fee, take care of landscaping and snow removal services and even some home improvement projects such as roof replacement.

On the other hand, if you’re single and tired of apartment life and simply want to move into a house, you may be perfectly comfortable with the idea of taking on all of the responsibilities of homeownership by yourself. There are few questions to ask first.

Should I buy a big or small house?

There are good arguments for both. There’s no right or wrong answer, says Steven Parangi, a licensed mortgage loan originator with Alpine Mortgage Services in Rochelle Park, New Jersey.

“The choice between a smaller or larger home depends on personal goals and financial circumstances,” Parangi says. “For single buyers, the decision is often about lifestyle preferences and future plans.”

He says a smaller home for a single person is ideal if you “prioritize affordability, simplicity and lower maintenance costs. A smaller home is easier to manage financially and practically if you don’t have big life changes on the horizon.”

On the other hand, says Parangi, a larger home could be a great idea “if you see yourself starting a family or having frequent guests.”

Still, he cautions, “You have to balance your aspirations with financial reality.” He says buying too extravagant a house can mean “being house poor, where your monthly expenses leave little room for savings or other priorities.”

Of course, you buy this great big house, meet someone, fall in love and they also have a great big house perfect for building a family. Selling one of the homes and putting that money into savings and retirement is not a bad problem to have.

Will it be harder or easier to get mortgage approval on my own?

Again, it depends on your situation. “That certainly can be a double-edged sword,” says Kathryn Garland, first vice president for Tennessee Realtors, based in Nashville, about getting mortgage approval as a single homeowner.

“If you have a good credit score and a reliable income, you should have no problem getting approved for a mortgage,” she says. If you don’t have a great credit score and have a shakier income, Garland says that’s where “having a partner to lean on can help your chances.”

Two medium credit scores (not to mention two annual incomes) or a partner with an excellent credit score could help make your case with a lender.

However, a partner with a bad credit score might bring your odds down if they’re on the mortgage application, Garland adds, so there’s no way to say definitively whether it’s going to be easier or harder for a solo homebuyer to get mortgage approval.

“Everyone’s situation is unique,” Garland says.

Parangi suggests working as hard as you can to raise your credit score to 740 or above for the best mortgage rates. He also suggests improving your debt-to-income ratio.

“A single homeowner should aim for a DTI below 50%, which means that their monthly mortgage payment plus any additional monthly liabilities from their credit report shouldn't be more than 45% of their gross monthly income,” Parangi says.

The ideal DTI is considered to be 36% or less. If your DTI will be over 50% with the mortgage and you’re really set on buying a house, there are options, Parangi adds.

“There are some programs such as FHA that allow for higher DTIs, as high as 57%,” Parangi says.

But common sense suggests you want your DTI to be as low as possible because, at some pointa ands a mortgage, car payment, credit card payment and student loan can weigh anyone down.

While two incomes can help in getting a mortgage, having a second party involved can hurt you, too, says Darren Tooley, a senior loan officer at Cornerstone Financial Services, a wealth management firm in Southfield, Michigan.

“Married couples may have both parties bringing income and assets to the table, but often this means two sets of debt as well, which could work against them when trying to qualify for a loan,” Tooley says.

Will I have a tougher time making a down payment?

You’ve got one income. A couple has two. The math isn’t on your side. Now, maybe you’ll have no financial trouble if you’re adept at saving money and already have a nice pile of cash in a bank account all ready to go toward a down payment. Perhaps you have a good income and coming up with money for a home simply won’t be a big deal.

In general, the higher your down payment, the less your loan is likely to cost, but there is no one-size-fits-all figure. Typically, according to the Consumer Protection Financial Bureau, you’ll need to put down at least 3% of the house’s price as a down payment and may be asked to put down more, like 5%. The larger your down payment, the lower your monthly mortgage payment. While 20% is a good rule of thumb if you can afford it, there are opportunities for lower down payments. The primary reason to consider a 20% down payment is that, if you have a conventional mortgage loan, that's what you need in order to avoid private mortgage insurance.

Do I have the time, energy and money to be a solo homeowner?

You should consider not only the resources needed to buy a house and maintain it, like mowing the lawn and cleaning out the gutters, but other factors as well. Garland offers the example of safety. If you’re a single homeowner in a rough neighborhood, you might feel more vulnerable than if you lived with a partner.

If you’re looking at an older home, find out whether there are maintenance issues that might need your attention – although that’s something that partnered couples and any homeowners also will want to know. But as a solo homeowner, you have to do it all – fix what breaks or hire someone to make repairs, replace appliances, buy furniture, keep up the yard, and make room in your budget for all of it.

Still, there are many benefits to single homeownership. You get to decide what type of house you want, and there's no arguing over paint colors or decor choices. It provides a sense of pride and stability. This investment in your future can lower stress levels and improve your quality of life.

And there's something to be said for the financial investment. You won't have to worry about rent increases. You'll earn equity in your home and bolster your financial situation. By making regular payments, you will improve your credit score.

Tooley thinks that buying a house alone is a smart decision.

“Without question, I would recommend buying a home as a single person for those who can do so,” Tooley says. “Statistically, the average net worth of a homeowner is 40% greater than that of a renter, and the wealthiest people have shown that two-thirds of their net worth comes from real estate. If a single person is trying to set themselves up for future financial success, buying a home is one of the safest and best-proven ways to do so.”