Homeownership among single women across the US is outpacing that of single men, despite earning significantly less than their male counterparts. Nationally, single women account for roughly 20% of home sales, compared to 13% for single men, and those numbers have been trending away from each other for several years. 73% of women say owning a home is very important to them, more than getting married (41%) and having children (31%). Clearly, women aren’t waiting to plan for their financial security, and we think that’s a smart move.
Townhomes and condos are more popular among single buyers of either sex than they are with married buyers. Condos with well-run homeowners associations, good security and/or gated access are particularly attractive to the first time female buyer.
Women are buying more single family homes too. They prefer two or more bedrooms, and are less likely to choose new construction. They are more likely to compromise on size and cost, but typically want good locations and neighborhood quality where they can engage socially with neighbors. Single women prefer buying in the city to the suburbs.
These female buyers aren’t a homogeneous bunch. They’re women of all ages, races, and income levels – never married, single moms, widows, and divorcees.
So why are single women increasingly investing in homeownership? Increasing home prices and interest rates are driving a lot of interest across the board in Nashville right now, coupled with the high cost of rentals and increasing incomes. Our client Laura told us “I decided to buy a house on my own because I was tired of pouring money into rent. I’m in my 30s, and at a certain point you need to start thinking about investments and future opportunities. I had money tucked away and it just made sense to put it to good use.
“Nashville is booming with real estate development right now!” she said. “I decided I wanted a home in an up-and-coming area where I could buy for a lower price and sell for a profit in a few years. A few other things were important for me though. I definitely wanted to make sure I could take care of it by myself (lawn care especially), and that it was safe.
“If a single woman doesn’t want to wait to buy a home, she shouldn’t. If you have great people surrounding you helping you to make informed decisions, you can feel confident your money is well spent and that you’ve made the best choice. I had a fantastic Realtor and great mortgage advisor (recommended to me by my Realtor) helping me every step along the way. I knew nothing about buying homes, interest rates, property taxes, etc., but I had a team that did.”
If you’d like to talk over your options for buying in this fast-paced market, we’d love to help. Call me at 615-482-5244. We’d be honored to help craft a plan for your safe and secure future.
James has been working with our buyers since 2014. Clients love his forthright demeanor and quick wit. In his free time he enjoys cooking, tabletop games (he’s an unapologetic geek), and sipping single malt scotch.