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Living alone can be accomplished in certain markets

Posted on Thursday, October 9, 2014 at 9:34:53 AM

Have you been living with roommates for years now? Are you ready to buy a home and branch out on your own? If so, a recent report from Zillow highlights several markets where this is a smart strategy.

For example, the Zillow analysis of U.S. Census Bureau figures found that Houston, Texas and Tucson, Arizona make for good places to live alone in a home. So too does Chicago, believe it or not, where 26.2 percent of people between the ages of 23 and 34 live alone.

Even places like Hawaii made the list, where 27 percent of people in this age bracket live alone, and a one-bedroom unit in a high-rise building can go for only $174,999, Zillow reported.

If moving into a house by yourself is something you want to do, make sure your finances are in order first. Above all else, check your credit to see if your score is up to the task. Affordable residential financing is important, and a poor score can hold up the process.

You must also watch your monthly expenses. Learn your cash flow, and see if what you are bringing in can sustain homeownership month after month.