Single? Female? So Are 23% of First-Time Homebuyers
Once upon a time, single females weren’t allowed to own property – and even just a few decades ago, it was almost impossible for a woman to take out a mortgage loan without being co-signed by her husband or a male relative.
That was then, this is now. Today, single women make up 23% of all first-time homebuyers. One out of every five new homes that is sold is bought by a single woman. After married couples, they are now the largest home buying demographic.
According to a new study, the National Association of Realtors 2014 Profile of Home Buyers and Sellers, unattached females constitute almost a quarter of homebuyers in the first-timers club. Single men, on the other hand, make up 8% of first-time homebuyers – less than half the amount of single women. More women than men also live alone – 15.5 million women vs. 11.8 million men.
Why are so many solo women buying homes for the first time? Several different factors account for the high number of ladies entering the market:
- In most metro areas, single females in their 20s with no children are earning more than their male peers. (See study here)
- Mortgage lenders may see loans for women as a safer investment, as research demonstrates that men have 4.3% more debt and are 7% more likely to make late mortgage payments than women. (See study here)
- An increasing number of women are the primary breadwinner for unmarried households. (See study here)
- Various surveys also show that females tend to place a higher priority on home ownership, and are willing to sacrifice more in order to achieve it. (See study here)
Are you a single woman who is thinking about buying a home for the first time? Let these studies and statistics encourage you. Here are a few tips from a solo female that just bought her first home earlier this year:
- Even though they shouldn’t, expect sales agents and realtors to ask about your husband, boyfriend, kids and/or plans for a family. You’re used to it by now, right? Just pretend you’re at Thanksgiving dinner with your relatives.
- You’ll also be shown homes that you can “grow” into. If you don’t plan on having children, just pretend they are talking about pets.
- That spare bedroom? Perfect for a fitness center, meditation space, craft room or home office.
- Make sure you have a basic toolkit with tools that you know how you use. For small do-it-yourself home projects, you’ll find excellent “how to” videos on YouTube. Who needs a handyman when you’ve got Google?
- Do what you need to do to feel safe in your home, even in the middle of the night when you wake up and hear a strange noise (it was just the icemaker). Get a security system, meet your neighbors, or adopt a dog.
At Villa Medici, we love working with all types of first-time homebuyers. We’ll make sure that the process is as easy and stress-free as possible for you. Please contact us today to schedule a tour of a model home and learn more about our neighborhood.