Single Women are Buying More Homes Now More Than Ever
A new trend in home buying shows women are ditching the traditional custom that marriage should precede homeownership.
According to the National Association of Realtors, single women made up 19% of homebuyers, while single men accounted for only 9% of homebuyers. Since 2010, there has been a 30% increase in the number of single women purchasing homes.
The trend is encouraging not only in terms of women’s increasing financial independence but also because it may chip away at the gender wealth gap, given homeownership’s role in wealth building.
But women still face challenges with real estate investing. They’ve come a long way from being deemed subordinate to their husbands, but they still earn less income and lag behind men in terms of financial literacy and confidence in the home buying process. Fortunately, robust resources are available to women who want to become homeowners and real estate investors.
Single Women Value Homeownership
According to a recent Bank of America study, a whopping 92% of women agree that buying a home is a great accomplishment, and 87% believe they don’t need to be married to pursue homeownership. In fact, 65% of single women would rather buy a home while single than wait for the right partner.
The study also found that single women value homeownership as a major milestone and point of pride, even more so than men. While only 35% of single men reported feeling proud to tell others the news about their new home, 46% of single women homeowners were excited to tell others they bought a house. And 60% of single women shopping for real estate say homeownership will mean they’ve “made it,” compared to 52% of single men.
It’s smart to value homeownership—it’s the primary source of wealth for American families. The National Association of Realtors estimates that a homebuyer purchasing a single-family home at the median sales price 10 years ago could earn $225,000 by selling that home at the median sales price today. Of course, strategically investing in real estate can yield even greater returns.
But there are greater obstacles to homeownership for women than for men. 74% of single women are waiting to feel more financially stable before purchasing a home, but achieving financial stability comes with challenges.
Credit: Bigger Pockets