Home Ownership Levels the Gender Gap for Single Women
All the Single Ladies, listen up. When it comes to home ownership, we’ve come a long way, baby! We’ve got the single guys beat more than double.
According to the National Association of Realtors, single women are the second leading homebuying demographic in the country, right after married couples. In fact, single women make up 17 percent of U.S. homebuyers, compared to just seven percent for single men.
Mortgage data confirms many more single women are opting for home ownership. According to Freddie Mac, the number of mortgages acquired by single women grew a whopping 30 percent between 2010 and 2019.
My Personal Journey
I jumped onboard again last year. Going through a divorce, I lived temporarily in my 19-foot camper near the beach. As fun and free as that seemed for a while, the day I signed the papers on my own home felt like the true start of my independence.
When I bought my first home in my 20s, interest rates were insane. Still, buying made more sense to me than doling out rent. Owning that townhouse on a nice park about a mile to my corporate job felt like success.
Even though I married and moved to another state a couple years later, that equity was mine, and it grew with me over the years. Now, in my 60s and single again, I realize owning real estate over the years is the biggest reason I am financially independent now.
Why Single Women Want Home Ownership
But home ownership for single women is about way more than building a financial future. There’s security in knowing you‘ve signed your last lease. You can stop worrying about what you’ll do if the landlord decides to sell. You are home!
Making a house your haven is a joy in itself. If you want a pink bathroom, go buy a gallon of paint and have at it! It costs way less than a good pair of shoes and creates a hell of a lot more pride.
You’ve probably heard the term “forced savings,” which is exactly what owning a home helps you do. Your principle payments create equity in a non-depreciating asset. You’ll also learn the value of an emergency fund so you can manage the big expenses like a new roof or HVAC.
Building Equity Rather than Just Spending Money
Sure, the housing crisis of ‘08 taught us that home values don’t always go up. But historically, putting your money to work in a home is a great investment compared to spending your money on a fancier car or a week at a secluded spa.
When I look at my own single girlfriends, a big majority are homeowners. Most are moms, and nothing makes them happier than getting the guest room ready for family visits. Check! One more reason for us single ladies to own our homes.
As a realtor, getting a single mom into a home of her own is one of the most satisfying rewards of the job. I hope when her friends see her personal success, they’ll start thinking about homeownership, too. Owning a home really does change lives.
So here’s to all the Single Ladies!
Do you own your home or do you rent? What does owning a home make you feel? Have you considered buying your own home? Please share your story about owning your own home.