Why Homebuyers Are Twice As Likely To Be Single Women Than Single Men
Written by
Laura Bogart
Edited by
Cory Dudak
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Opening the door to one’s own home for the first time is part of the American dream for good reason — a sign of financial stability and personal maturity. When we take the keys in hand, we’re not just planning paint colors and worrying about yard treatments, we’re beginning a new phase in our futures.
Traditionally, married couples have been considered leaders in homebuying demographics, and according to the National Association of Realtors’ 2023 Profile of Home Buyers and Sellers, they still comprised 59% of recent homebuyers. However, according to that same report, one demographic is gaining ground as homebuyers: Single women made up 19% of recent buyers, eclipsing single men, who constituted 10% of recent buyers.
Why Single Women Are More Likely To Be Homebuyers Than Single Men
The news that single women are nearly twice as likely to be homebuyers isn’t surprising to experts like Regina McCann Hess, CFP, CDFA, President of Forge Wealth Management and author of the forthcoming “Super Woman Wealth: How to Become Your Own Financial Hero.”
“The college graduation rate is trending with a higher percentage of women versus men, bringing more professional women into the workforce,” McCann Hess said. “Once these ladies have started their careers and feel comfortable, they are looking to homeownership as the obvious next step.”
For Jen Reid, financial planner and expert, founder of BASE Financial Planning, changes in social norms that enable professional women to wait longer to get married, and to find a place to settle down even without having, or wanting, children, also contribute to the rise of women embracing newer benchmarks of adulthood, like purchasing their own home. Still, she encourages prospective homebuyers to deeply consider both the advantages and challenges of the process: “Home ownership is only a worthy investment if you are going to be living in [an] area for a longer period of time where the cost of buying outweighs the cost of renting,” she said. “Single women might also look into purchasing homes as potential rental properties, or even as simply a space of their own, to do with as they wish.
Possible Hurdles for Single Women Buying Homes
Despite the benefits of home ownership, as future investments, or a safe space to call their own, there are still real hurdles single women must cross before they can arrive at their new front doors — notably, the wage gap between genders. With single women only bringing in one income while earning $0.82 on the dollar, McCann Hess cautions that prospective buyers might feel pressured to buy a smaller house than they’d like or move into a less desirable neighborhood. Then there’s the expense of repairs and regular maintenance of a home.
To gain a clearer sense of what sorts of repairs she might have to take on once the property is in her name, a woman buying a home should insist on a home inspection. “There has been a trend in the recent housing market that many buyers have waived the inspection so that they could ‘win’ the house over other competitive bids,” said McCann Hess. “This could create a huge unknown for a homebuyer and can be very expensive in the long run.”
While mortgage brokers and real estate agents can be valuable resources for any homebuyer, Reid reminds women to be their own best advocates in the process. Doing their own research and trusting their intuition can empower single women to make the best choices. In addition to factoring in regular maintenance and other assorted expenses, Reid also advises women to determine whether they can support their desired lifestyles while paying for the costs of their homes.
Gain an Asset and Meet Your Financial Goals
Still, there are real advantages and pleasures to purchasing a home of one’s own, and more fiscally-savvy single women are paying attention to them. “Investing in a home can be a strong long-term part of a woman’s financial plan,” said McCann Hess. “Over time, this asset will grow, and it could become one of their largest pieces of their net worth.”
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