From the success of country crooner John Denver to “The Wizard of Oz,” it’s clear that yearning for home is a widely felt experience. But with so many housing options out there, it can be challenging to decide what “home” is for you.

In this article we’re going to explore one of the more popular home types on the market: the single-family home. Let’s break down what single-family homes offer homeowners and find out whether they’re right for you.

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Single-family homes have multiple definitions depending on who you ask. Most will picture a single-family detached home – the picket fenced, mainstream idea of what a home is.

But the legal definition of a single-family home broadens in the eyes of government agencies, like the Federal Housing Administration and the Department of Veterans Affairs. And both mortgage lenders and mortgage investors, like Fannie Mae and Freddie Mac, will use the legal definition as well. The legal definition of a single-family home is any home with 4 units or less.

But why does this difference matter? Well, when it comes to financing, how your home is classified can make a big difference in what kind of mortgage you qualify for and how much money you can borrow. 

A single-family detached home is a freestanding structure that doesn’t share walls with another dwelling. 

Here are some other common characteristics of a detached single-family home: 

Single-family homes are great for those seeking the quintessential homeowner experience - from privacy to landscaping, the pros of a single-family home boil down to freedom. But that freedom can also come with certain responsibilities which may not be ideal for some.

If you’re thinking of purchasing a single-family home, here are some pros and cons to consider: 

Since single-family homes err on the traditional side of homeownership, you’re likely to find an abundance of financing options. If you want to buy a house and are interested in a single-family home, we recommend working with a trusted real estate agent and shopping around for a good mortgage lender.

Home buyers who want to better visualize their financing options – especially first-time home buyers – may want to consider getting a mortgage preapproval. Preapproval can give you a better sense of how much you can borrow, which can help you avoid looking at homes outside of your budget. 

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If you aren’t totally sold on buying a single-family home, it may help to look at other types of homes to compare. Here are some different types of homes to consider:

If you’re trying to decide on a home type, a single-family home may be a good fit if:

No, single-family homes are when the homeowner owns both the building and the land it sits on. With condos, the homeowner only has ownership over their unit’s interior, and sometimes select areas of an outdoor space. 

Single-family homes bring a lot to the table, including more privacy, space and ownership of the land and property. But with this homeownership also comes the responsibility of home maintenance and a lofty price tag, including the down payment and closing costs.

Whether you’re ready to take the plunge and become a single-family homeowner depends on your plans for the future and what aspects of a living space are important to you. If you think you’re ready to start the home buying process, apply today for preapproval with Rocket Mortgage®.

Apply online for expert recommendations with real interest rates and payments.

Holly Shuffett is a staff writer who writes with a focus on homeownership and personal finance. She has a B.A. in public relations from Oakland University and enjoys creative writing and reading in her free time.