Despite the odds stacked against them—wage gap, expensive housing market, rising borrowing costs—single women account for 17% of all homebuyers in 2023 compared with the 7% share of single men. Women are more likely than men to pursue homeownership even before marriage, and most view it as a good financial investment, Bankrate reports.
A 2022 Bank of America survey revealed that 65% of single female prospective homebuyers said they’d rather not wait for marriage to buy a home, and 30% of women respondents bought their homes when they were single.
“Women have a very strong preference for homeownership,” [Jessica] Lautz says. “They think it’s a good financial investment. They also are willing to make financial sacrifices. They traditionally have a lower household income, and they’re willing to cut expenses in other areas of their life to achieve homeownership.”
In something of a paradox, single women make less money on average than single men but are more eager to buy homes, Lautz says. That could reflect the certainty and stability that go along with a monthly mortgage payment, as opposed to renting in an era when monthly rents have been rising sharply.
Related Stories
Demographics
Why Millennials Still Trail Behind Baby Boomers in Today’s Housing Market
Millennials are losing out to Baby Boomers in the hunt for a limited supply of starter homes
Demographics
In the Race to Homeownership, Millennials Are Trailing Behind
Buying a home in today's high-cost housing market isn't a feat for the weak, and Millennial buyers who are making their first home purchase face the biggest challenges
Demographics
How Homes and Neighborhoods Are Making Millennials and Gen Z Lonelier
The housing affordability crisis and design of American homes and neighborhoods may be hampering community connection and exacerbating the loneliness epidemic