We support home buyers from all walks of life, but we have a special place in our realtor hearts for single women embarking on the home buying journey.
More and more single women are buying homes. In fact, according to U.S. News and World Report, single women are buying homes at a much higher rate than single men. The National Association of realtors found that 18 percent of homebuyers in 2017 were single women, compared with only 7 percent of single men.
So, why are single women buying homes at such an astounding rate?
Single women tend to prioritize homeownership more than single men, according to Bank of America. They are prioritizing this over getting married and having children, which are being put off until later in life. The traditional path that former generations followed is no longer the trend for millennial women who are putting things like gaining independence and earning equity above things like marriage and children.
Additionally, rent continues to increase in many cities; and rent does not offer any opportunities for equity. A survey from The Washington Post found that rising rent prices was reason enough for 23 percent of single women to buy a home instead of continuing to rent.
CNBC also cited the decreasing pay gap between men and women to be a main reason for more single female homebuyers. Today, women are earning higher salaries than they have in the past and are allocating that salary toward purchasing their own homes.
We have had the honor of helping many single women purchase their dream homes over the last few years, and it continues to blow our minds watching them break traditional social norms and gender roles and take their wealth and equity into their own hands. Meet a couple of these ladies who embody Woman Power!
Margie and her senior pup, Lucky, wanted a place to call their own after renting was becoming a hassle for Margie, and anxiety-inducing for Lucky.
“I decided to purchase my first home because my dog was not adjusting well to life in an apartment, not to mention I was in desperate need to stop paying so much rent money,” she said.
They both needed a home where they could feel comfortable, and Margie was ready to take control of her finances and give her pup the comfort and security he needed. She bought her condo and she (and Lucky) are enjoying all of the benefits that homeownership has to offer!
“The most rewarding part of this experience is that I finally feel like my home is mine. My dog loves it, I’m saving money and feeling real independence. I would recommend that women purchase if they’re financially able. Owning a home has been a great experience for me!”
Found house, put in offer on house, had offer accepted on house, closed on house, moved into house – all in less than a month. Alyssa is a local entrepreneur who set off on her own after leaving corporate America at the beginning of 2018.
Since then, she has launched a successful PR and communications consulting firm, bought her adorable South Minneapolis home, and adopted rescue pups Franki and Bruce.
“I’ve always valued my independence and embraced my strength as a woman, so when the opportunity came for me to stop paying rent and to start investing in myself, I jumped at the opportunity,” she said. “It gives me a lot of pride to be able to call myself a business owner, a home owner and a strong, single woman.”
Ladies, we’re rooting for you! Reach out to us if you’re ready to embark on the journey of homeownership.