Is home ownership in your future? Maybe if you’re a single woman it is.
Since 1981, every indicator points toward increased home ownership for this demographic. The obvious factor in women’s rising rates of homeownership is their ongoing financial liberation. Women now participate in the workforce to a far greater degree than they used to, which leads to better credit scores, increased access to loans, and overall financial stability: all necessary ingredients to buy a home. Additionally, a number of reforms passed to enable women to access financial avenues which previously catered to male buyers. In 1974, the Fair Housing Act began to protect women who applied for mortgages and loans. Soon credit unions also learned to be flexible in working with women too.
Today women find it easier than ever to start the journey toward owning property. Some sources estimate that 20% of the home buying market is made up of single women. Real estate agents express even a preference for working with this subset of the market, citing their superior organizational skills as an advantage over couples and single men.
It makes sense to buy a home as a single woman, especially a single woman with a thriving career—why pour all that money into monthly rent for an apartment? Yet it can be an emotional decision for some women. Some feel that buying a home as a single woman says to the world that the home buyer in question has “given up” on the traditional path of home buying, namely, marriage and children. Undoubtedly there are some women home buyers who have no interest in fulfilling social mandates for their own sake, but for the majority, the reasons to buy their own home are even more straightforward. Independence, security, and a sense of fulfillment and accomplishment await anyone who undertakes the home-buying process, not just single women.
Single home buyers also do not need to take others’ needs into account when deciding on a home. They can choose to be as close to, or as far from, the bustle of city life as they choose. Condos are a great solution for those who want that fun apartment atmosphere—without the monthly rent check. On the other hand, women who have outdoor hobbies, or who simply want a bigger canvas to decorate, find satisfaction in heading out to the suburbs, where beautiful new homes and the American Dream can be theirs for the taking.
It is not hard to imagine the effects this trend may have on society. A few generations ago, women could not even maintain their own bank accounts, and today, with more women excelling in the working world and skillfully managing their finances, buying a home may soon be par for the course for single women.
