Women are seeking the abundant benefits of homeownership at higher rates than ever before, and new data shows they aren’t waiting around until marriage to experience those benefits. 

A recent report from Bank of America has revealed that two-thirds of single women do not want to wait for marriage to buy a home, and the majority of single women surveyed (87%) agree that it’s an outdated concept. This rising sentiment reflects a trend that’s been accelerating over the past thirty years; as marriage rates have declined and the education gap has narrowed, the number of women heads of household and women homeowners has risen. 

According to the Urban Institute, from 1900 to 2019, the number of households headed by single women increased from 17.6% to 22.6%, and homeownership rates among women increased from 50.9% to 61.2%. 

Despite women outpacing men in educational gains, single women still make less money than single men on average,  and the unpredictable costs of renting could be a key factor in why they’re pursuing homeownership at higher rates. 

Financial stability is a driving force behind most homebuyers, regardless of gender or partner status. With post-pandemic rent increases hitting record highs around the country and some increases as high as 40% year over year, a stable monthly mortgage payment is an attractive prospect, especially if you’re worried your income won’t increase at the same rate as average rents in your area. 

Tips for Buying a Home as a Single Woman

Single women are buying homes at unprecedented rates, but affordability remains a challenge

Homeownership has long been considered a major life milestone and a strong means of building generational wealth, but buying a home as a single woman can come with significant financial obstacles. Here are some tactics a single homebuyer can use to enter the market with confidence:

  1. Assess the health of your finances 
    1. Address major debts and financial issues before you start your homebuying journey. This is especially important for single homebuyers with one income. 
  2. Improve your credit score
    1. There are five major factors that go into determining your credit score, and it will have a large impact on your mortgage terms. Try to keep balances low and make payments on time. 
  3. Research first-time homebuyer programs and downpayment assistance programs to see what you qualify for. 
    1. Qualifying for one of these programs could help you save a significant amount on your mortgage or downpayment. 
  4. Be prepared to be aggressive. 
    1. It’s a competitive seller’s market out there. Connecting with a top-rated agent, having your finances in order, and being ready to move quickly can help you get ahead of the competition.
  5. Shop around and find the right mortgage lender for you
    1. Finding the right lender for your situation can save you thousands of dollars over the lifetime of your mortgage. 
  6. Keep home maintenance costs in mind
    1. You should plan to set aside at least 1-4% of your home’s value for periodic maintenance.

If you’re looking for a home to call your own, we’re here to help. Let Movoto by OJO guide you through every step of the process.

Katie McPhee
Katie McPhee is a social media manager and writer with over six years of experience creating content for tech, education, and real estate companies. When she isn’t writing or tracking the latest trends on social media, she enjoys baking, candle making, spending time outdoors, and checking out the local culinary scene.

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