Despite the odds stacked against them—wage gap, expensive housing market, rising borrowing costs—single women account for 17% of all homebuyers in 2023 compared with the 7% share of single men. Women are more likely than men to pursue homeownership even before marriage, and most view it as a good financial investment, Bankrate reports.
A 2022 Bank of America survey revealed that 65% of single female prospective homebuyers said they’d rather not wait for marriage to buy a home, and 30% of women respondents bought their homes when they were single.
“Women have a very strong preference for homeownership,” [Jessica] Lautz says. “They think it’s a good financial investment. They also are willing to make financial sacrifices. They traditionally have a lower household income, and they’re willing to cut expenses in other areas of their life to achieve homeownership.”
In something of a paradox, single women make less money on average than single men but are more eager to buy homes, Lautz says. That could reflect the certainty and stability that go along with a monthly mortgage payment, as opposed to renting in an era when monthly rents have been rising sharply.
Advertisement
Related Stories
Design
What Gen-Z Buyers Really Want in a Home
The fervor of planning for Millennials in the home building industry has now pivoted to Gen Z. So, what does this new generation want?
Demographics
Post-Pandemic Trends: Working From Home
A greater share of workers are still working from home than before the pandemic and they're concentrated in the information, professional, and financial services sectors
Demographics
Millennials on Top Again as Largest Homebuying Group
Millennials beat out Boomers as the largest homebuying cohort, according to a recent report, but Boomers remain the largest generation of home sellers