When it comes to house hunting, most single buyers are choosing properties in suburbs instead of urban or rural areas, according to a new Coldwell Banker survey.

The online survey of more than 1,000 single homeowners revealed that 52 percent chose suburban locations over urban areas.

More than half of single homeowners reported they purchased a home because it was more cost effective than renting in their area. However, more than just financial analysis contributed to their decision. The desire for independence played a role for more than one-third of single homeowners (35 percent), the survey showed.

"We are finding the current housing environment to be the ideal marketplace for many people who may have never considered buying a home before, such as singles and other first-time buyers," said Diann Patton, the Coldwell Banker Real Estate consumer specialist. "They can afford much more house for their money than they may have been able to in previous years. Many are recognizing that a mortgage payment on a house can actually be the same or less than what they would spend on rent."

Sixty-eight percent of single homeowners purchased a home that was below their price range, rather than the most expensive home they could afford.

Meanwhile, modernized home updates and appliances and having a yard and outside space were rated as the most desirable features in a home over lesser considerations like space for entertaining.

More single women (27 percent) said that the number of bedrooms was the most desirable feature in a home, than did men (18 percent).