The Number of Single Women Homeowners Continues to Rise

Single women are carving out a significant space in residential real estate, a trend that continues to gain momentum despite various challenges. In the face of lower incomes, a steep housing market, & high-cost mortgages, they comprise the second-largest group of homebuyers every year. As per the National Association of Realtors (NAR), single women made up 17% of all homebuyers as of 2023, outshining single men who accounted for 9%.

Empowered Living

Independence: A Statistical Journey

The journey for women to secure a home has been a long one. It wasn’t until 1900 that all states legalized women’s right to hold property in their name. The right to apply for & obtain a mortgage without a male co-signer came even later in 1974.

Today, single women own & occupy a substantial 10.76 million homes across the U.S., making up 12.9% of all American owner-occupied homes.

Although women tend to spend more on buying a house & sell for less, resulting in lower annualized returns, they remain a determined & motivated group of buyers. 

Understanding the Motivation

Why are single women so intent on becoming homeowners? The reasons vary. According to NAR, a key motivator is simply the freedom & independence of owning a home. Additionally, significant life changes such as divorce or death, happier milestones like the birth of a child, a job change, or the desire to be close to loved ones, fuel this pursuit.

65% of single female prospective homebuyers, in a 2022 survey by Bank of America, indicated that they would rather not wait for marriage to buy a home. This reflects a new trend of women prioritizing homeownership, a radical shift from the days when marriage was seen as a precursor to owning a home.

The Economic Equation

Financial stability is a crucial component of this equation. Jessica Lautz, NAR’s deputy chief economist & vice president of research, suggests that women place high importance on homeownership as a solid financial investment. Despite earning less on average than men, they are willing to make sacrifices in other areas of their lives to achieve this goal.

Empowered Living

Single Buyer Challenges

Single buyers, without the cushion of dual incomes, often face challenges. Low annual household income, difficulty securing mortgage approval, & the absence of a second source of income in emergencies are key hurdles. However, statistically, women tend to be reliable mortgage holders, defaulting less & paying off their loans more systematically than men.

womens homeownership

Breaking Into the Housing Market:

Tips & Tricks

For those considering entering the housing market with a single income, thorough financial planning is essential. Strengthening credit scores, researching homebuyer programs, & shopping around for competitive mortgage rates are some actionable steps. Options such as low-down-payment mortgages & government-backed loans could also be considered.

Though the journey may seem daunting, single women are courageously defying the odds, proving that the American Dream of homeownership can be an achievable reality, irrespective of marital status. (Bankrate)

If you are ready to be a homeowner, I can make that dream come true. Contact the Lauren Paris Group & let’s get the conversation started.

More Stats:

  • Just 59% of recent home buyers in 2023 were married couples, the lowest since 2010.
  • Single females & males made up 19% & 10% of buyers respectively, & 9% were unmarried couples.
  • 3% of buyers were gay or lesbian, & 2% were bisexual.
  • Among first-time buyers, married couples increased to 52% from 50% in 2022, while repeat buyers decreased to 63% from 65%.
  • First-time & repeat unmarried couples comprised 16% & 6% of buyers respectively.
  • The majority of buyers (79%) chose detached single-family homes. Townhouses & apartments/condos were chosen by 8% & 4% respectively.
  • 83% of married couples & 84% of unmarried couples bought single-family homes.
  • The typical married couple buyer was 50 years old with a $121,900 household income, buying a 2,050 sq ft home.
  • Unmarried couple buyers were 37 years old, earned $115,600, & bought a 1,750 sq ft home.
  • Single female buyers were 55 years old, earned $70,600, & bought a 1,500 sq ft home.
  • Single male buyers were 49 years old, earned $90,000, & bought a 1,600 sq ft home.
  • Life changes were key motivators for a move for all buyer types: married couples (37%), unmarried couples (48%), single females (47%), & single males (45%). (NAR)

Contact Lauren

Let’s Connect.

Get recent & trending properties sent right to your inbox!