Buying A House As A Single Woman: The Rise Of The Female Homeowner
Married or single, women have become a powerful force in real estate. When it comes to home buying in relationships, women make 91% of the decisions, and in recent years, single women have dominated the home buying game. Women are the second-largest group of homebuyers right after married couples, and their economic impact can’t be ignored. In fact, more than one in five buyers is a single woman.
So how did women as a whole achieve this level of purchasing power? Why are they buying homes in record numbers? And what are women looking for when shopping for a home? Keep reading to learn more.
Half Of U.S. Women Are Heads Of Households
Traditionally, in married, heterosexual households, a male partner has been the primary breadwinner and considered the head of the family.
However, even among married dual-income households, seeing women as the head of the family is increasingly common.
As women began earning degrees in more significant numbers, their income levels increased. With increased income came the ability to match their male counterparts in buying power and a decreased need to depend on a male to provide for them. This meant that women no longer needed to wait for marriage to claim homeownership; they could provide it for themselves.
Women Are Outpacing Men
Women tend to manage their money differently than men, affording them better credit scores on average and the ability to put down more significant amounts for their downpayment. Once considered unimportant in the homebuying process, single women are now taking over the real estate market, and single men aren’t even close. Even though women still make on average .82 cents for every dollar a man makes, they’re still managing to increase their buying power.
Women dominate the market, particularly single women, and they have repeatedly demonstrated that they have the prowess and the financial security to do so. According to the National Association of Homebuyers (NAR), in 2020, single women were responsible for 19% of the overall first-time homebuyer population and 17% of the repeat homebuyer population. In contrast, single men accounted for only 11% of first-time buyers and 9% of repeat buyers.
Women Are Influential
The conditions leading up to this rise in homeownership are cultural and economic. And it isn’t just pertaining to women purchasing homes—it’s about their participation in the entire home buying process.
Between single women buying homes, married women driving the home buying conversation, and female Realtors® and loan officers enriching and diversifying the industry with their expertise, women have become a force in the real estate market.
Women Research To Make Smart Investments
Women do research and a lot of it. They scour the internet pouring over homes and communities. They read data, converse with friends and advisors, and thoroughly go over neighborhoods, safety, and tax rates. Women take their investments seriously, looking for a home that suits their needs at a reasonable price.
Women also tend to buy homes near friends and family and see homebuying as a benchmark of independence and autonomy over their own lives. For most women, a sense of empowerment comes with buying their own homes.
WATCH HERE: Building A Career In Real Estate As A Women
Tips For Women Looking To Buy A Home:
- Make sure that you take the time to find the right Realtor® and lender to represent you.
- Find out your ideal homebuying budget and get your debt-to-income ratio below 43%.
- Look into first-time homebuyer grants and programs.
- Obtain a prequalification letter to begin your journey and a preapproval letter once you are ready to start your search.
- Do your due diligence when looking at neighborhoods and schools, and spend time driving through communities and talking to locals.
The Future Is (Increasingly) Female
As women continue to evolve in homeownership, the real estate landscape will continue to change. Females deserve to be hyped up and supported as they come into their own and make more room for themselves at the proverbial table. If you find yourself in this demographic and you’re seeking guidance or advice, don’t hesitate to get in touch with Living Houston today; we’d be honored to help you navigate the experience.