Who run the world? Girls!
Gone are the days when women are viewed to be someone meant to stay at home. Nowadays, more and more ladies are empowered not only to stay at home but actually to buy their own homes.
A recent LendingTree report - an online loan marketplace-shows that more single ladies are becoming first-time homebuyers than single men. The data shows 5.2 million homeownership in 50 United States' largest metro belong to single ladies, while only 3.6 million belong to bachelors. This only proves that women are a powerful force in the housing market.
This echoes the 2020 Profile of Home Buyers and Sellers by the National Association of Realtors, which shows that single ladies first-time homebuyers' median age is 33, while single repeat buyers are aged 59.
The study also shows that single ladies are more likely to purchase a townhome or condominium unit. Their family and friends mostly influence these women to purchase their first property.
In Los Angeles, LendingTree only recorded a small gap in homeownership rates between single ladies and single men, with only 0.45%. However, bachelorettes still own 1,900 more homes compared to their male counterparts.
Boston shows the largest gap with a 5.68% homeownership rate between single men and women, with 66,300 homes belongs to single and independent ladies.
Meanwhile, Tampa recorded the highest number of homes owned by a single lady with 16,83% or nearly 13,250 homes.
Single Ladies Priorities
The 2018 Homebuyer Insight report by the Bank of America shows that homeownership is on top of most women's priority. A total of 73% of single ladies said that they prioritize buying their own home over getting married or having children. Interestingly, only 65% of single men said that homeownership is at the top of their minds.
Meanwhile, according to research conducted by Joint Centre for Housing Studies, aggressive female homebuyers come from women of all ages, races, income levels, and statuses. Nearly half live independently, 30% are single mothers, and two-thirds are either previously married, divorced, or separated.
Tips for Single Ladies Homebuyers
Save More
Regardless if you have only one or multiple income sources, the best thing you can do as a single woman homebuyer is to save up your finances. Save for your downpayment, your dream interior, and home fixtures. Get your credit intact and be a responsible client to lenders.
Dream Home Features
While you can dream big and hope for the lavish home features, you should only limit it to what you can afford. Aside from having your own walk-in closet and vanity area, make sure to consider the top three features you should prioritize in your first home: safety, convenience, and home size.
Prepare Emergency Fund
Unlike married couples who can rely on each other's expenses, you should beef up your extra cash in case of emergency. Aside from paying up the house in case of trouble, the emergency fund should be saved for unforeseen housing expenses and repairs.
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