Buying a home on a single income can feel intimidating, especially when every mortgage calculator seems to assume two paychecks. But solo homeownership is not only possible – it’s increasingly common, and it’s one of the most powerful financial moves a single person can make. The key is knowing what to expect and planning for the realities that are different when you’re doing it alone.
What You’ll Learn in This Episode
In Episode 3, Stacie is joined by Portland-based real estate agent and two-time solo homeowner Lily Wyss, who bought her first condo and her second home without a partner. Lily breaks down the financial and emotional realities of buying solo, what she’d tell her younger self, and how single buyers can set themselves up for success in today’s market.
The Financial Reality of Buying on One Income
When two people buy together, their combined income expands their purchasing power significantly. When you’re buying alone, your budget is tethered to what a single income can support – and it requires being especially honest about what that number looks like. Lily emphasizes that solo buyers often need to work harder on the front end to get financially ready: building their credit score intentionally, reducing debt strategically, and setting a savings target that accounts for all three buckets (down payment, closing costs, and reserves).
One area where solo buyers sometimes get tripped up is the debt-to-income ratio. Because there’s no second income to balance out monthly obligations, any existing debt carries more weight. Paying down a car loan or credit card balance before applying for a mortgage can meaningfully change what you qualify for – and what your monthly payment feels like.
What Solo Homeownership Actually Looks Like
Lily is honest about what it feels like to be the only decision-maker. On the positive side, there’s a simplicity to it: no one to disagree with about the neighborhood, the layout, or what qualifies as a dealbreaker. On the harder side, there’s no one to split the anxiety with either. Every decision lands on you, which means being especially clear about your priorities before you start shopping.
Lily recommends that solo buyers create their must-have, nice-to-have, and deal-breaker lists before they ever set foot in a property – and commit to them. Without the natural check-in that comes with a partner (“wait, should we think about this more?”), it’s easier to get swept up emotionally in a home that doesn’t actually fit your life or budget.
How to Find the Right Agent When You’re Buying Alone
Lily’s advice on finding a real estate agent as a solo buyer: prioritize someone who takes you seriously, listens carefully, and doesn’t push you toward the top of your budget just to close a deal. A good buyer’s agent for a solo purchaser is someone who acts as a thought partner – helping you think through decisions, flag concerns you might not notice, and keep you grounded when you get emotionally attached to a house that has red flags.
The right agent also understands the local market well enough to help you compete effectively, which matters especially in cities where inventory is tight and multiple offers are common. Solo buyers can absolutely win in competitive markets – it just takes the right preparation and the right team.
Key Takeaways
- Solo homeownership is achievable and financially powerful, but requires more intentional financial planning.
- Your debt-to-income ratio matters more when there’s only one income – pay down debt before applying.
- Create your must-have and deal-breaker lists before touring so emotion doesn’t drive decisions.
- Find an agent who acts as a thought partner, not just a door-opener.
- Solo buyers can compete in tough markets with the right preparation.
- Owning on your own is one of the most significant wealth-building moves you can make.
Hear Lily’s full story in Episode 3 of Your First Home on Apple Podcasts, and follow Stacie at @iamstacierihl for more advice tailored to first-time homebuyers.
