Single Female Buyers Are Forging Through Record Price Increases

Single women account for 20% of first-time homebuyers nationwide compared to just 11% of single men, and even sky high home prices in metros like Denver aren’t stopping them from making new home purchases. The median closing price for a residential home in Denver reached $602,750 in March after consistent gains throughout the COVID-19 pandemic, but single women are still active market players in competition with double income couples. 

In an increasingly expensive housing market that makes dual income a growing necessity, financially independent women are often at a disadvantage, but those who can afford to beat out other buyers can eventually build personal wealth through homeownership, The Denver Post reports.

Bank of America’s 2021 Homebuyer Insights Report finds that 65% of single women homebuyers would prefer not to wait until marriage to purchase a house, with 30% of female homeowners confirming they bought their homes while single. The vast majority of single women surveyed – at 87% – consider the idea that a person must be married to buy a home as an outdated notion.

“It’s exciting to see so many single women challenging the status quo – taking control of their financial futures and proving marriage isn’t a prerequisite for homeownership,” said Kathy Cummings, a senior vice president at Bank of America, in a statement. “I often hear from this group that they want to invest in themselves and in their futures, whether solo or for their children.”

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