There was a time where many single women considered owning a home something to put off until the “right” time; when they had the right partner to move in with, their travel goals had been met, or they had enough money in the bank. However, the times, they are a-changing, and more single women are storming the housing market. In fact, 65% of single women have reported they would rather not wait until they tied the knot to buy homes, regardless of their age. What’s more, is that single women now own more homes than single men in the nation’s 50 largest metro areas.
Factors Driving Single Women Into Homeownership
Today, women are owning more homes in general. In fact, between 1990 and 2019, the homeownership rate among women increased from around 50% to nearly 62%, while the rate among men dropped from over 70% to just north of 67%. Let’s take a look at how the real estate market, financial stability, and family planning at large contribute to single women’s homeownership:
Real estate is not necessarily tied to family planning: The traditional route of being married or having a lifelong partner to buy a house with is becoming less potent. Fewer people are getting married and having kids at all. According to one survey, 87% of respondents said it was an “outdated” idea that someone must be married to purchase a home. While this doesn’t negate the fact that single women wouldn’t be opposed to having a partner or getting married at all, the homebuying process is taking precedence.
Financial stability and consistency: In an era of rising rental rates, more and more single women have been opting for mortgages that cut down on the surprises. Knowing what you’ll be paying for the next 15 or 30 years offers peace of mind — especially for single mothers — that paying rent, moving frequently, and potentially being on the receiving end of landlords who refuse to renew leases do not.
A career-driven population: More and more women continue to prioritize rising in their careers before settling down to have families. A byproduct of this tenacity and focus is increased financial freedom, which can be a gateway to a bevy of life milestones — which include homeownership.
Artemis: A Trusted Name in Luxury Real Estate
As one of the leading real estate groups based in Philadelphia, PA, our team keeps its finger on the pulse of emerging and forecasted trends. We’re no stranger to individuals’ — including single women’s — desire for homeownership, and are dedicated to helping you meet all of your real estate needs. For more information about our featured properties or real estate investment opportunities, contact us today.