Tips to buy your dream home with a single income

It isn’t uncommon for home ownership to be equated to achieving a milestone in many cultures. Buying a home is a big deal, but it isn’t everything. That said, people across ages and financial statuses believe their greatest achievement would be buying a home. Though millennials are doing a lot of things differently, they seem to agree with the previous generations on home ownership. However, millennial women are breaking the glass ceiling by owning homes, unlike the previous generation where most homeowners were men. Most millennials are also pushing towards home ownership before their 30s, bringing into play serious questions about buying home on single income.

In countries like India where marriage is considered a necessary social institution, co-ownership is quite common. However, millennials have been changing the scape dramatically, and with it single home ownership is also beginning to rise. A home may be bought on a single income for various reasons. The buyer may not be married, the buyer is confident about buying a home on their income alone, the buyer may want more autonomy on the property, the buying family has a single source of income, or they simply because they want it to be a single income property. Whatever the case, buying a home on a single income may feel daunting and intimidating to some. But with a little financial planning, owning a home with a single income is very much a possibility, even if you are buying your first home. Here are some tips to help you with it.