By Dez Duran-Lamanilao
Single-family homes are the most common housing style in the United States. In fact, according to the U.S. Census Bureau, from the total number of new privately owned housing units that were authorized in 2016, 78% are single-unit houses, as compared to multi-family homes, which comprise 22% of the total. This figure shows that Americans still prefer bigger yards, more privacy, and more room for stuff and family activities.
If you are in the planning stages of finding or building a home, here are a few questions to ask yourself to find out if a single-family home is the right choice:
- How much is my budget? A townhouse or an attached unit home is definitely a lot cheaper than a single-family unit.
- Do I want to live closer to town or in a secluded village? Consider the time it takes for you to travel from/to work. Or your social life. If you are single, you would probably enjoy living near an area where there are a variety of dining and entertainment options. Having a family and kids would need a different perspective of things.
- Which state do I live in? Based on the chart below, each state quite has a different breakdown of the most common types of housing units. It shows their physical attributes and potential for new housing. The chart is based on the 2014 American Community Survey data about the characteristics of occupied housing.
- Do I have more time and budget for the upkeep of my home? Some people prefer to live in condos, co-ops, and townhomes because they are low maintenance and would not require the usual more expensive and time-consuming details single-family homes require.
Tip: Having the right policy can pay for basic landscaping, repairs, and property taxes.
Single-family house building has reached its highest level in February 2017 since October 2007. If you are joining the bandwagon and intend to rent out your place, consider getting a comprehensive policy that can ease the burdens associated with marketing and advertising, tenant screening and selection, rent collection, and regular inspections.