When the owners sold the condo she was renting, and the new owners wanted to raise the rent, Jennifer Carr made a decision. "I was tired of spending all my money on rent with nothing to show for it," she says. So instead of looking for a new rental, she bought a place of her own.

She certainly has something to show for it now. Carr bought her two-bedroom Arlington, Va., condo for about $185,000 in 2002 and today it's worth $320,000. Plus, she says she feels a sense of satisfaction and security in owning her own home.

The benefits of home ownership aren't reserved only for the married set. Carr is among a growing number of people who are realizing you don't need to wait for Mr. or Ms. Right to come along to make a commitment. In fact, about one in every four home buyers is single, according to the National Association of Realtors. And single women like Carr outnumber single men two to one.

"Women in particular are not necessarily waiting for marriage to buy a home," says Rachel Drew, a research specialist at Harvard's Joint Center for Housing Studies. They're marrying later in life, taking the time to get higher education and earn fatter paychecks than previous generations. With more income, education and financial resources at their disposal, "more women can buy a home without waiting for that second income," Drew says.

But why do so many more women than men seem ready to make this commitment? "More men in their 20s and early 30s -- the first-home buyer years -- tend to live with their parents," Drew explains.

Is home ownership a good move for you? The underlying process of buying a home solo is the same as if you were married. (Check out our Home Buyer's Survival Kit for a step-by-step guide.) But you'll want to make sure the investment makes sense for your particular situation and finances before taking the plunge.

Can you afford it? Like Carr, one of the biggest reasons home buyers give for their purchase is they didn't like seeing their rent money go into someone else's pocket. But depending on your location and situation, renting may actually save you money. Check out home prices where you live, and then calculate whether you'd be better off renting. And don't forget, renting has other perks -- you don't have to pay for or take care of repairs and maintenance, you don't pay property taxes, and you have more flexibility and freedom to move.

Home buying isn't just about the monthly cost -- you'll also need to come up with a down payment. Typically, you need 20% of the purchase price to avoid paying extra for private mortgage insurance, which means you need $37,000 for a $185,000 home. That could be hard to scrape together on one income. However, first-time homebuyers can tap their IRAs up to $10,000 without penalty. And some employers offer grants or low-rate loans to help employees make a down payment on a house. You can even get into a house for little or nothing down. See The Lowdown on No-Down Home Loans for more information.

How long do you plan to stay put? Take an honest look at your work situation. If you plan to move within the next year or two, buying a house doesn't make much sense. Once you add up closing costs (about 3% to 6% of the purchase price), moving and decorating expenses, you probably need to stay in the home a minimum of three years to recoup your costs. But, consumer advocate Clark Howard advises five years is even better, because you never know how the real estate market will fare. True, most areas have seen impressive appreciation lately, but most experts agree growth can't continue at its current rate forever. To protect yourself, assume your home will appreciate at the rate of inflation or a little more, says Howard.

What kind of home do you want? Many singles find the transition from an apartment to a condo or townhouse ideal. You don't have to worry as much about upkeep, such as yard care and external maintenance, as you would with a single-family home. Plus, you may get extra amenities such as a pool, fitness center or game room. (Bear in mind that you'll probably have to pay association fees to cover such upkeep and perks.) But if you don't mind mowing your own lawn and shoveling your own snow, a detached house might suit you fine.

How big a place do you need? "Your first objective is to buy a home that's right for you, but do consider its resale value before you make the final decision," says Janet Wickell, real estate agent and author of Everything Real Estate Investing. They key is to look for a place that would appeal to the majority of buyers in your area. For example, a studio condo downtown might suit your needs perfectly right now, but with a one- or two-bedroom unit, you increase your pool of potential buyers when you decide to sell. Similarly, you might find that one-bedroom cottage in the suburbs absolutely charming, but if it's surrounded by three- to four-bedroom homes, it could prove tough to resell in that neighborhood unless it has expansion potential.

Also try to anticipate your future needs. Your cozy studio could wind up awful cramped if you end up getting married or invite a significant other to move in. And, of course, consider your current needs for the space. Carr frequently hosts out-of-town guests, so she bought a condo with two bedrooms and turned the spare into as a guest room that doubles as her home office.

Can you take rejection? Getting the house you want in a hot housing market can be tough in the first place. But singles may face a bigger obstacle. "With a single income, you're limited to what you can buy," says Carr. "You're competing against couples to get the highest bid." Home buyers with dual incomes may have more leeway in their budget to elbow you out. Carr made offers on three homes before winning the bidding game. One of the homes she lost sold for $20,000 over the asking price. "It was tough," she says. "I'd fall in love with a place, get excited about it, and then I wouldn't get it." But patience pays off. Carr says her condo turned out to be better than the previous properties.

Buying with a friend

If you can afford to, it's generally easier to buy the home yourself and charge your friend, family member or significant other rent to help you meet your mortgage payments. This way, there is no confusion about who owns the home when one of you decides to sell. Of course, your friend could move out at any time, leaving you to foot the entire bill. Plus, your friend wouldn't build any equity or benefit from the any appreciation in the home's value. If both of you are ready for the commitment of home ownership -- and you can stand living together under the same roof -- pooling your resources could bring a purchase within reach.

To protect your interests, you and your friend should meet with a real estate lawyer to draw up a contract of ownership and conditions of sale. Stipulate how much each person will contribute toward the down payment and the monthly mortgage bill. The idea is to keep track of each person's share of ownership in the event one or both of you decide to sell, says emeritus professor of finance at the University of Pennsylvania Jack Guttentag, who writes an online column as the Mortgage Professor. Working out the details ahead of time will save you plenty of headaches later.

If you both decide to sell the house at the same time, you simply split the proceeds in line with each person's stake. But you need to work out an arrangement in the event one person wants to sell and the other plans to stay put. Say, for example, your friend's job transfers her out of town forcing her to sell, and you want to buy her share. "There is no sale price, so the partners must agree on an appraisal procedure and on who will pay for it," says Guttentag.

Also, make sure you include terms for covering mortgage payments after the sale. Even if the remaining party agrees to cover the mortgage, the name of the person moving out will remain on the loan, making it hard for him or her to qualify for another mortgage. It could take as long as one year to convince a lender to remove a name from the note, says Guttentag. He suggests including a stipulation that grants the remaining partner 14 months to make the settlement payment and remove the departing partner from the note, otherwise, the house must be sold and the mortgage paid off.

MORE: Kiplinger.com | Spending Wisely | Smart Buys | Column

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