As we conclude Women’s History Month, I decided to share how women are changing the landscape in the real estate world. First, here are some interesting facts:
- It wasn’t until 1900 that all states allowed women to hold property in their own names.
- It wasn’t until 1974 that women were able to apply for and obtain mortgages on their own without a male co-signer.
A lot has changed since then. With the rise of women in the US workforce, women now account for 12.9% of American owner-occupied homes. In 2022, 17% of single homebuyers were women and 9% were single men. That means that single women almost doubled single men in the purchase of their primary homes last year.
When speaking to my single male colleagues, clients, and friends many of them prefer to rent because it gives them more flexibility as to where they want to live or, in case they want to move, they are not “stuck” with a home they need to sell. Women, on the other hand, prefer the stability and security that being a homeowner entails.
In the past, being single past your late 20’s was socially unacceptable, but as more women decide to stay single for a longer period of time to pursue their careers, this real estate trend will continue to rise.
In my opinion, purchasing your primary residence, regardless if you decide to stay single forever or just until you find your significant other, is a smart decision. Real estate in most instances, is a long term investment and the equity that is built is always a positive thing in anyone’s life. You can always keep the property as an investment or sell it and use the equity to buy your marital home.
So, to all my single ladies out there, purchase your home and be happy in it! Because a happy house is always full of love — no matter your relationship status.