In many new communities of single-family detached homes, the new kids on the block these days are likely to include more singles than ever before.
A recent study released by the Joint Center for Housing Studies of Harvard University found that the number of singles without children purchasing homes rose consistently between 1973 and 1991.
At the same time, homeownership rates for married couples with children- historically the group with the highest homeownership percentage among young households – dropped since 1980, with the exception of people 65 and older.
And, according to the Mortgage Bankers Association in Washington, D.C., the rate of increase in homeownership among singles has risen in the past five years because of the maturing of the Baby Boomers, going from 38.8 to 42.4 among male singles and from 51.3 to 53.6 among female.
”Because homeownership rates tend to rise with age, and because many Baby Boomers have delayed marriage or are divorced without children, it is not surprising to see homeownership rates rise among single individuals as the Baby Boomers age but remain single,” says Thomas M. Holloway, an MBA senior economist.
These findings don`t surprise Dru Bergman, executive director of the Du Page Home Ownership Center, a nonprofit organization in Wheaton funded by savings institutions and Realtors to provide free counseling for first-time buyers.
”In the year the center has offered counseling, we`ve served 392 clients, and 65 of them have been singles. We have no way of knowing if they eventually bought detached or attached homes, but the number is significant,” said Bergman.
A random survey of new subdivisions in the Chicago area shows that men appear to outnumber women as purchasers of detached single-family homes.
”Many women are more comfortable in high-density townhomes or condo communities that they perceive as being more secure,” said Bob Price, director of the Northern Illinois Home Builders Association.
A number of women who live in detached homes and were contacted for this article declined to be interviewed for reasons of security, but Jennie Lauachus was happy to talk about her experience.
Last month, she moved into the Stratford, a detached three-bedroom, 1/2- bath, 1,270-square-foot ranch at Pebblewood of Orchard Valley, a U.S. Shelter community of 112 townhomes and single-family homes in Aurora.
”I`ve always been independent and enjoyed the privacy of a single-family home,” said Lauachus, who chose Pebblewood in part because it`s next to a golf course, which is maintained by the Fox Valley Park District.
Lauachus and her husband, Tom, were living in North Carolina when he died almost two years ago.
”We moved eight times and always lived in new subdivisions, so when I decided to move to Chicago to be near one of my daughters, that was what I wanted,” she said.
After living out of a suitcase for months, Lauachus is enjoying unpacking in her new home.
”I`ve felt like Dorothy in `The Wizard of Oz` being picked up by a cyclone and whirled around,” she said. ”It`s wonderful to be finally settled.”
The base price of the Stratford is $124,990. Other single-family homes at Pebblewood range from $124,990 to $158,990 and from 1,270 to 2,100 square feet.
Dr. Linda Hendrickson recently purchased the Cypress, a three-bedroom, 1/2-bath, two-story home at Boulder Ridge, an upscale golf course community in Lake in the Hills now being developed by Par Development. The 2,700-square-foot home with walkout basement will be ready in early spring.
”I`ve recently taken up golf and so the opportunity to have a fairway lot was very appealing,” said Hendrickson, a family practice physician with offices on Chicago`s Northwest Side who is living in a condo in Des Plaines.
”I was looking for a detached home in a maintenance-free community both for privacy and as an investment, and Boulder Ridge meets both these needs,” she said. ”The commute will be longer, but it`s all expressway and so the time spent driving isn`t that much more.”
The Cypress, one of seven models available at Boulder Ridge, is base-priced at $270,000. Other models range from $239,900 to $280,900 and from 1,862 to 2,900 square feet.
And there are some single buyers who make their present purchase while thinking about the future.
”I chose all options with an eye toward resale,” acknowledges Brent Freeman, a 25-year-old chemical engineer who works for Mobil Oil and expects to be transferred in three to five years.
”For instance, cathedral ceilings aren`t that important to me, but they`re definitely a major selling point, so I added them in the living room and dining room.”
Freeman recently purchased the Rosewood, a three-bedroom, 1,800-square-foot tri-level at Autumn Lake Estates, an entry-level community of 260 homes priced from $101,000 to $133,000 that is under construction by Phoenix Development in Joliet. The Rosewood is base-priced at $109,000.
Craig Stevenson is another single buyer with an eye on the future. He just moved into the Ashton, a three-bedroom, two-bath ranch in Timber Oaks at the Fox, a Wiseman-Hughes community of 214 single-family homes in North Aurora. Base-priced at $136,900, the 1,450-square-foot Ashton is at the low end of homes in this moveup community, where the most expensive homes go for $176,900.
”I`m looking forward to starting a lot of projects that will increase the value of the house and make it more appealing to a young family five years from now,” he said.
In an era when ownership of detached single-family homes is generally dependent on two paychecks, single buyers such as Stevenson and Freeman make a single paycheck stretch as far as possible by finishing the basements in their respective homes themselves.
”I do like to work with my hands, but there`s definitely an ulterior motive,” says Stevenson. ”I saved several thousand dollars now by leaving the basement unfinished, and the house will be worth that much more when I eventually sell it with the basement finished.”
Allen Licitra also left his basement unfinished when he selected the Carolina, a three-bedroom, 1,600-square-foot tri-level at Country Walk, a Sundance community in Round Lake Beach.
”There`s no immediate need to use the basement, so I can take my time finishing it,” he said.
Licitra, who works for Quaker Oats in downtown Chicago, is willing to endure a three-hour-plus commute to the city daily.
”I`m single and at this time in my life it isn`t a hassle,” he said.
”There`s a farm next to my house and it`s worth the trip to come home to such a peaceful setting.”
The preconstruction price of the Carolina last March was $121,000. When Licitra moved into the house last month, his model was selling for $127,000.
”I did consider a townhome, but when I found I could get a detached house with the same quality and for the same price, it was no contest,” he said.
Country Walk is an entry-level community of 900 single-family homes. Sundance offers 13 models priced between $100,000 and $165,000, with sizes ranging from 1,200 to 2,250 square feet.
Riverside at Old Caton Farm, another entry-level community, is being developed along the Du Page River in Plainfield by the Woodhill Corp. The community of 250 single-family homes has attracted a number of single buyers. John Fox, who had been renting an apartment in Printer`s Row in Chicago and commuting to his job in Downers Grove, began looking at some of the smaller models at Old Caton Farm. But after deciding that bigger is better in terms of resale value, he purchased the Dalewood, a four-bedroom, 2 1/2-bath, two-story aluminum-sided home with attached two-car garage. Priced at $159,000, the 2,184-square-foot Dalewood is the largest model at Old Caton Farm.
”Let`s face it, I don`t need four bedrooms, but this is a family-oriented community and the extra bedroom will give me an edge whenever I decide to sell,” he said.
Fox had always intended to buy ”someday,” but the combination of a shorter drive and tempting interest rates helped him make up his mind.
Woodhill Corp. offers 240 single-family homes at Old Caton Farm ranging from $118,900 to $159,000 and from 1,450 to 2,184 square feet.
