Single women have become a growing force in home ownership in the US

With affordability a challenge for many home buyers, an interesting statistic has emerged. Single women are purchasing a larger percentage of properties than before. This is according to statistics for 2021 released by The National Association of Realtors. The stats show that single women accounted for about 19% of all home buyers. This is significantly more than single men, who accounted for 9% of home buyers. The number of single women buying homes was up from its low of 15% in 2014 and has been steadily increasing since. Both married and unmarried couples account for nearly 70% of deals, which is not surprising, considering most people prefer to start and raise a family in their own homes.

The findings by Bank of America were similar, and the new trend, being dubbed “house-before- spouse” by some, seems to be gaining popularity. The Bank of America survey found that 65% of single female prospective homebuyers would prefer to buy a house by themselves rather than wait for marriage.

Additionally, 30% of women who already own homes bought them when they were still single. Kathy Cummings, a senior vice president at Bank of America, noted that times have changed since the baby boomer generation when it was commonly expected to get married first and then buy a house. “Now, the trend is reversing,” she says. “The message is reversing. You don’t need a man anymore.”

There seems to be a strong bias amongst single female buyers towards homeownership. Many of them view renting as a waste of money and would rather make financial sacrifices to become a homeowner sooner rather than later. Jessica Lautz, vice president of demographics and behavioral insights at the National Association of Realtors, echoed this sentiment. “Women have a very strong preference for homeownership,” she said. “They think it’s a good financial investment. They also are willing to make financial sacrifices. They traditionally have a lower household income and are willing to cut expenses in other areas of their life to achieve homeownership.”

Although single women typically earn less than single men, this hasn’t stopped the trend. Another contributing factor could be a stable monthly payment, especially for single moms. “Knowing exactly what your payment is going to be for the next 30 years, especially if you’re a single mom, could be incredibly important for women,” Lautz says.