What a Girl Wants...More Single Women Buying Homes

Single Women Buying More Homes Than Single Men

Throughout history, women have been no stranger to breaking boundaries and exceeding expectations. When it comes to real estate, women have continued to raise the bar and bridge the gender gap in surprising ways. In recent years, the market has taken notice that more and more single women are buying homes.

Understanding the Numbers

In fact, according to the National Association of REALTORS®, single women made up 18 percent of recent buyers. This is more than twice the rate of single male home buyers. The U.S. Census Bureau and the Bureau of Labor Statistics jointly sponsors the Current Population Survey which considered women who were never married, widowed, and divorced in their finding. This survey concluded that out of the 60,000 households covered by data collect, a record-breaking 22 percent of single women were homebuyers.

This awe-inspiring statistics can be attributed to a number of reasons. Single women of all ages cited ever-increasing rental costs, downsizing, divorce, and everything in between as their motivation to purchase a home. While married couples continue to dominate the largest share of the home-buying market, single women secured the second largest share of 18 percent as they surpassed the smallest share of buyers, just 7 percent, which is comprised of single men.

The NAR also reports that older women, typically 72 or older, are the primary investors in real estate. Generational trends indicate that single women are more likely to purchase a home in their golden years than men. In 2016, the percentage of females between 50-60 years old who bought a home was double that of men in the same age range.

Smart and Strategic

The home buying process can certainly be a nerve-wracking process for anyone, this can be especially true for single women. Here are some smart strategies females can use to help them navigate the complex and often overwhelming home-buying process.

Let's face it - a girl wants what a girl wants. And when it comes to home, making a hasty or poor decision can lead to big trouble. As you consider your home-buying options, here are a few things you should keep in mind.

• Consider a fixer-upper - While it may not have all the bells and whistles of a turnkey or newly-built home, a fixer-upper gives you the ability to manage financing more easily and create a design that's truly your own.
• Timing is everything - the time of year you choose to purchase your home can make a huge difference. If you have the flexibility to wait until the market is in your favor, you'll have a larger inventory to choose from, at a better price, with more affordable options.
• Lower Debt - It's imperative that any potential home buyer significantly reduce existing debt before beginning the home-buying process. This will provide a host of additional benefits. Debt reduction can help improve your status as a mortgage applicant and increase your appeal to sellers who appreciate the reduced liabilities your liability reduction. This can also help you to lower your debt to income ratio and give you a better foundation that you'll need to manage the ever-growing list of new and unexpected expenses associated with homeownership.

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