According to the National Association of Realtors, unwed females continue to outpace unwed males in first time home ownership. In 2009, 21% of the national real estate market transacted because of the determination of young single females to realize their dream of home ownership. This compares to only 10% for unwed males. Single women have held steady at 20% of the market for 5 years now. As a single male this leaves me with two thoughts: (1) why are young men so determined to consume depreciating assets during their 20’s and (2) where are all of the young sugar mama’s?
Palm Beach Condo Company has helped many individuals purchase beautiful condominiums within a 5 minute drive of the Atlantic Ocean; most are middle aged second home purchasers. While I am happy to see these buyers take advantage of the depressed West Palm Beach condominium market, I wonder what my generation is waiting for. Wealth in this country as we know it has been built on the back of real estate ownership. There are amazing purchase opportunities that come on the market on a weekly basis that get gobbled up mostly by investors and secondary residence purchasers who are ready to pull the trigger.
What are we waiting for? Mortgage rates are still below 5%. There is a huge population of young single men and women in the Palm Beach area that are easily paying $1,200/month for rent. Why not own? You can finance a large majority of your purchase AND keep total payments (including taxes and association dues) around the same amount. If you would like to discuss how Palm Beach Condo Company can help you realize your dream of owning a piece of real estate in paradise, please feel free to contact us for a free home ownership evaluation.