The Rise of the Single Female Homeowner
Eighteen percent of home buyers in 2017 were single women, according to the National Association of Realtors.
Single women may not have as much buying power as single men, but they aren’t letting that stop them from achieving homeownership. While a 2018 Zillow study indicates single women can only afford to purchase 39 percent of U.S. homes on the market, they are buying them at a rate that far exceeds that of single men, who are able to purchase more than half of the homes currently for sale.
Eighteen percent of homebuyers in 2017 were single women, according to the National Association of Realtors. Meanwhile, only 7 percent of single men bought a home last year. The association notes the percentage of homebuyers who are single women has risen for the last three years and is up from 11 percent in 1981.
As for why women are buying homes in greater numbers, professionals in the real estate and finance industries point to delayed marriages, higher incomes and personal satisfaction as main catalysts.
Parenthood is what spurs some women to buy a home on their own. More women are choosing to remain single and have a child or children on their own and want to own a home to raise their kids in. The Pew Research Center found 53 percent of unmarried parents in 2017 were solo moms.
This is why community is important. While both men and women may be looking for similar things in terms of space, value and location, single females may place a greater emphasis on safety and the surrounding community.
Women might seek out places where groceries, schools and parks are all in close proximity. By being in an area where everything is close by and there is a tight community, single moms can rely on neighbors as well.
Financial considerations for single women. Without a partner’s income to supplement their own, single women need to ensure they don’t overextend themselves financially. Budgeting for a house is a lot different than budgeting for rent. With owning a house comes the property taxes, maintenance and potential renovating expenses, as well as the insurance.
Despite the challenges, many single women are finding ways to make home ownership a reality. If current trends continue, it won’t be all that unusual to find a neighborhood where women have made the purchase alone.