Queen Bey would be proud of all the single ladies doing their own little thing when it comes to owning a home. Women across America have said they don’t need for some man to put a ring on it before they choose to put an offer on a home.
Single women make up a strong percentage of homeowners and home buyers in this country. Put your hands up for these three things you need to know about single women and homeownership.
Single Women Buy Homes at Greater Rates than Single Men
Since at least 1981 when the National Association of REALTORS® began keeping records, single women have bought homes at a rate second only to married couples. In fact, according to the NAR’s most recent Home Buyer and Seller Generational Trends report, last year single women bought more homes than single men and unmarried couples combined.
Single women buy homes at higher rates than single men in every age bracket. This is true for both first-time and repeat buyers. And as home buyers age, that gender gap continues to widen in favor of women.
That gap is also more pronounced in some real estate markets than others.
Single Women on the East Coast and Gulf Coast have the Widest Edge in Homeownership
In certain US metropolitan areas, homeownership by single women is outpacing that of single men—by almost double! According to a 2018 report by LendingTree, single women own an average of 70,000 more homes than single men in every one of the 50 largest metropolitan areas. The city with the largest percentage of ownership by single women is New Orleans at 27% (single men 15.5%).
Each of the top 10 cities with the largest gap in ownership of single women versus single men sit in states along the East Coast and Gulf Coast. Miami tops the list with 26.8% ownership by single women compared to 14.2% by single men (12.6% difference). Closer to home, Raleigh also shows a high disparity with 21.5% ownership by single women and 10.6% by single men (10.9% difference).
Why might this be?
Single Women Prioritize Homeownership More than Single Men
For generations, homeownership has offered people financial security and independence. Today, young people are delaying marriage at higher rates than ever, and more retirees are choosing to age in place. Meanwhile, the number of women in the workforce has tripled since 1970, despite the fact that women continue to face a 27% wage gap. Many young single women see homeownership as the financial safeguard they need to maintain their buying power. And many older single women see continued home ownership as a good way to control their expenses.
Bank of America data released last fall shows that single men are less likely to make homeownership a priority. From improving their finances to saving for a down payment to following through with a home purchase, single women have the edge.
Are You Ready to become a Homeowner?
No matter your gender or relationship status, buying a home is an important decision! We’re here to help—whether you’re ready to explore the possibilities of homeownership for the first time or you’re looking for the perfect home for the next stage of your life.
Contact us today to speak with a Beverly-Hanks real estate agent about buying homes and land in Western North Carolina.