Single Adults Naples, FloridaFeb. 17, 2015 – The Collingwood Group says the mortgage industry needs to come up with new strategies for marketing to singles, which account for about half of all U.S. adults.

Bureau of Labor Statistics data finds that 50.2 percent of people 16 and older were single last year – the first time since the government began compiling such statistics in 1976 that the figure topped 50 percent. Meanwhile, research from the Harvard Joint Center for Housing Studies reveals that young people often commit to a home purchase before marriage.

As a result, the mortgage and real estate industry must emphasize new reasons singles will understand that show why owning a house is better than renting, says Collingwood Group Chairman Tim Rood. One big reason Rood points out: Even though the percentage of renters who want to become homeowners has fallen to 75 percent from 80 percent over the past five years, rents are rising faster than wages in the 25 biggest metropolitan areas.

“People are paying 35 percent more a month for rent than they otherwise would in a home they owned,” he says.

Source: Mortgage Professional America (02/15)