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For a long time, the American Dream was packaged as a joint venture. The standard script was you bought a home once you coupled up.

But as more people wait to get married, more are buying a house alone. Last year, a survey by the National Association of Realtors (NAR) showed 36% of the nation's homebuyers were single, including over half of the buyers under the age of 27.

Granted, Gen Z made up only 4% of the total buying pool. But considering that just 22% of buyers under 34 were single in 2012, it's clear that today's youngest adults feel confident entering the market on their own, said Jessica Lautz, NAR's deputy chief economist. (NAR measured the age groups differently when it first tracked this data in 2012.)

"A lot of buyers are realizing they don't need to wait for a life milestone to start building equity," said Alex E. Edwards, principal broker at Thumbprint Realty and author of the book Mortgage Before Marriage. "They can buy a home now that supports their financial future."

So what?

The conventional roadmap to homeownership has evolved. Marriage and children don't necessarily drive the decision. You may want the investment opportunity sooner rather than later. You may be sick of not owning the home you live in. Or there may be job or family circumstances that make it a smart move.

This means the playbook is a bit different than for a couple. When you have one income to cover both the mortgage and the leaky faucet, balancing an affordable monthly payment with healthy cash reserves is a delicate dance. And if you aren't looking for a place to grow old in, your priorities for upgrades and location may be different.

Here's more on what to consider as a solo buyer.

Cash reserves matter even more with one income

Unless you're going to the Bank of Mom and Dad, you might be tempted to put every last bit of your savings into the down payment. After all, the more you put down, the less you have to borrow — and pay interest on. But Erik Leland, real estate agent at Realty First, recommends single buyers keep some of their savings on hand for emergencies.

With one income, there may be less room to absorb unexpected costs, and without that cushion, just one big bill from a plumber can create financial strain. A good rule of thumb is to keep enough to cover three to six months' worth of your basic household expenses.

A monthly payment should have wiggle room

While it's worthwhile to keep some cash in reserves, you don't want to borrow too much either. Signing up for a monthly housing payment that doesn't leave you any breathing room can put you at risk of overextending yourself each month. And young, single homebuyers may be more susceptible to being influenced by the maximum amount lenders are willing to loan them.

"The pre-approval letter tells you the maximum you'll be allowed to borrow," Leland said. "That number is not your budget or what you feel comfortable with."

Leland recommends that you keep your monthly housing costs at or below 35% of your take-home pay. That includes property taxes, homeowners association fees, insurance, and maintenance reserves. (SoFi's Home Affordability Calculator can help.)

"A single buyer who focuses on flexibility will be in a much stronger position five or ten years down the road than one who overextended trying to buy the right house for the aspirational life they're imagining," he said.

Be open-minded

If you're a young, single buyer, chances are you're not looking for your forever home. Since your circumstances can (and likely will) change, you don't need to love everything about the house. Ask yourself practical questions about whether the price point makes sense, the location has broad appeal, and how easy it might be to rent out in the future.

"Allow the first home(s) you buy to build the equity you need to buy your dream home later," Edwards said.

To that end, consider how much you plan to invest in "sweat equity." If you're handy with do-it-yourself projects and willing to put in the time and effort, buying a home that needs some restoration can be a huge plus, according to Leland. But otherwise new construction or a condo may be the better choice, he said.

Consider walkability

Being able to walk to nearby attractions like parks, restaurants, and stores is especially important to young buyers, according to NAR. That means even if it doesn't matter to you, it's worth considering for resale or rental value, particularly if you're buying a classic starter home.

"Many single buyers don't want to purchase a home that lacks a strong neighborhood feel — where you never see your neighbors, you have to drive everywhere, and it's too far to even ride a bike," Edwards said. "You want to be comfortable walking in town."

Related Reading

Renting vs. Buying in Today's Market: How to Decide (SoFi)

Gen Z Homeowners? Yes, More in Their 20s Are Managing to Buy Despite the Odds (NPR)

20 Million Single Women Now Own Homes, a New U.S. Record (Realtor.com)

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