SINGLE FEMALE HOMEOWNERS ARE ON THE RISE SINGLE FEMALE HOMEOWNERS ARE ON THE RISE

SINGLE FEMALE HOMEOWNERS ARE ON THE RISE

Thursday, December 20, 2018

Nowadays, many women aren't waiting for a man or a marriage before they buy a home.

According to the National Association of Realtors, 18 percent of homebuyers in 2017 were single women.

While single women may not have as much buying power as single men, they aren't letting that stop them from being homeowners. A 2018 study done by Zillow indicates single women can afford to purchase only 39% of U.S. homes on the market. However, they are buying them at a rate that far exceeds that of single men, who are able to purchase more than 50% of the homes currently on sale. The association notes the percentage of homebuyers who are single women has risen for the last three years and is up from 11 percent in 1981.

Why are women buying homes in greater numbers? According to professionals in the real estate and finance industries, the main catalysts are delayed marriages, higher incomes and personal satisfaction,

Saving up for a down payment can be challenging for a single woman. It is estimated that it will take a single person approximately 11 years to save up for a 20 percent down payment for a typical U.S. home. In expensive housing markets like Miami, it could be decades before a single woman has saved enough to make a purchase.

Still, those of us in the industry have an optimistic outlook. The average single woman is making more money than they did in the past.As incomes increase, it could be only natural for single females to gravitate toward property purchases.

Community is important. While both men and women may be looking for similar things in terms of space, value and location, single females may emphasize safety and the surrounding community. Women often show a preference for condominiums rather than single-family homes. Condos are not only lower maintenance, but they are found in community settings, which single homeowners might find appealing for safety reasons.

For instance, a single female may not want to be on the ground floor of a building because of safety concerns. Women might seek out places where grocery stores, schools and parks are close by because it indicates a tight community and single moms can rely on neighbors as well.

As far a financial considerations are concerned, without a partner's income to supplement their own, single women need to ensure they don't overextend themselves financially.Budgeting for a house is very different than budgeting for rent, with owning a house comes property taxes, maintenance, potential renovating expenses, as well as insurance.

Despite the challenges, many single women are finding ways to make homeownership a reality. If the trend continues, it won't be all that unusual to for your new neighbor to be a woman who has made the purchase on her own.

 
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