More Single Women Than Men Own Homes in the US – 6 Tips for Female Homebuyers
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Married couples have long been the predominant demographic of homeownership. But as marriage rates have fallen — dropping 7% since the 1990s — and mortgage rates have risen, so has couples’ share of the real estate market. That has given rise to a growing demographic of other homeowners: single women.
According to the National Association of Realtors, couples made up 73% of homeowners in 1981. That rate had fallen to 60% by 2021. Meanwhile, single female homeowners have grown from 11% to 19% in that same time frame, with single men lagging at just 9% in 2021.
Another recent report from Lending Tree showed that women owned 2.7 million more homes than men in 2022.
This decades-long trend in female home ownership emerged in the early 1980s shortly after fair housing and equal opportunity laws removed key barriers to women accessing credit and owning homes by themselves. It also reflects changing attitudes on marriage, family and autonomy.
According to data from Bank of America’s 2022 Homebuyer Insights Report, 87% of single women agree it’s outdated that someone must be married to buy a home. Sixty percent of single women homebuyers feel that becoming a homeowner signifies they’ve made it, compared to 52% of single men.
“Many women are not waiting for the traditional pact,” said Vickey Barron, associate real estate broker at Compass.
“Over the years, we’ve assisted many single women in their homebuying journeys. Some have found immense joy in purchasing, while others have experienced mixed emotions at the closing table. For most, it was a lifelong dream to own their own homes, while others had envisioned their first purchase as a shared experience with a partner,” Barron said. “This diversity of experiences underscores the empowerment of single women in making what is likely their most important purchase.”
But while single women buy more homes, they’re paying more for them. A 2020 Yale study found that women typically pay 2% more for their homes than men, and sell them for 2% less, losing an average of $1,600 yearly.
What can a single woman do in her homebuying journey to get the most value from her experience? From financial prep to picking out the right kind of place, read on for tips from our experts:
Shore Up Your Finances
“When you go to buy a home as a single individual, getting a good mortgage deal can be a bit more difficult due to just having one stream of income,” said Seamus Nally, CEO of TurboTenant.
“My top piece of advice for single female buyers would be to strengthen your financial situation before applying. Build your credit score as best you can. Ask for that raise. Avoid any large purchases or new loans before or during the mortgage process,” Nally said. “You want your finances to be as great as possible to increase your likelihood of not just getting approved for the mortgage, but for getting a good rate and terms.”
Define Your Financial Comfort Zone
When determining your price range, exploring the upper limits of your affordability is tempting. But Matt Vernon, head of consumer lending at Bank of America, cautions against that.
“Rather than asking, ‘How much could I borrow?’ prospective buyers should instead ask, ‘How much should I borrow?’ As a general guideline, multiply your monthly income before taxes by 28%. The resulting dollar amount is typically how much a manageable monthly payment might be, including taxes, insurance, and private mortgage insurance,” Vernon said.
He suggests using an online affordability calculator to help crunch the numbers.
Consider Your Physical Comfort Zone
Purchasing a house alone as a woman doesn’t just warrant a bit more financial caution. Single women may also have unique considerations for location, safety features and amenities. That could mean scoping your search outside a traditional single-family home to consider a condo or townhome.
“We’ve found that some women prefer amenity-rich buildings for convenience and security,” said Barron, at Compass. “There is something to walking right downstairs to work out and take a steam shower.”
Danielle Andrews, a real estate broker at Realty ONE Group Next Generation, said women may also look for interior features that offer long-term value and security. “I recommend considering a home with a layout that maximizes safety. For example, selecting a home with a primary bedroom located away from the front door or a one-story home,” Andrews said. “Additionally, consider purchasing a home that offers ample storage options. As a single woman managing multiple roles in life, having features like built-in shelves, plenty of cabinets and deeper closets can help you easily access important items and stay organized.”
Shop Smart for Mortgages
Buyers have options when it comes to mortgages, and Vernon recommends shopping around with different brokers to find one who’s the right fit, and speaking up when you think you could get a better deal.
“Don’t hesitate to negotiate or ask questions to ensure you’re getting a mortgage that meets your needs and supports your financial goals,” Vernon said. “If you like a lender but their offer is missing something you saw in another offer, communicate this. In many cases, lenders are eager to earn your business and will be willing to work with you.”
Future Proof Your Investment
Experts also urge single women to consider that circumstances and needs can quickly change when purchasing a home. Andrews encourages buyers to look for flexible spaces that could serve as a home gym, home office or an extra bedroom.
“Buying a home with these types of bonus features also maximizes long-term resale value,” she said.
Barron said she advises her clients, no matter what their current needs are, to focus on the quality and resale value of their purchases.
“If life changes and they need to sell, the value is paramount. If they said to me, ‘I only need a one-bedroom with one closet because it’s only me,’ I remind them how quickly circumstances can change,” Barron said. “Perhaps tomorrow they will need more space. Complement your needs today, but plan for the future.”
Prepare for a Rainy Day
That future-proofing wisdom also applies to preparing for financial changes, especially when you depend on a single income.
Nikki Beauchamp, associate broker at Sotheby’s International Realty, stresses the importance for women to think about home ownership “as a key cornerstone for future wealth building” and how they would “protect this asset if they should eventually end up in a relationship or getting married, given how many marriages end in divorce.”
“I think it’s important for anyone purchasing on their own to plan for worst-case scenarios,” Beauchamp said. That means keeping housing costs to less than a third of your income, making sure you have money saved for rainy-day scenarios like illness or losing a job, and having a viable backup plan. “I tell clients who are unpartnered to not let the ‘what if’ prevent them from making a decision, but to think about the potential purchase with a potential exit, such as selling if they end up needing more space than they have, or pivoting to leasing.”
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