A growing number of single women are moving ahead with a real estate purchase. More than two-thirds of single women recently surveyed said they’d rather not wait until marriage to purchase a home, according to a Bank of America survey that suggested more single females are “skipping the spouse ahead of the house.”
Eighty-seven percent of single women agreed that it’s an “outdated idea” that someone must be married to purchase a home. Once they have the finances in place, single females surveyed say, they won’t hesitate to buy on their own.
Women are second only to married couples as a homebuying presence in the real estate market, according to 2021 data from the National Association of REALTORS®. Currently, 19% of the homebuying market are single women, while 9% are single men and 60% are married couples, according to NAR. Read more: Single Women Buyers Outnumber Single Men
What’s more, 71% say they intend to have their future partner move in if they buy a home while single, according to the Bank of America survey.
Finances are the main hurdle in the way of single females’ homebuying ambitions. Nearly three-quarters of single women who have not purchased a home yet say they haven’t done so because they want to feel financially stable first, compared to 64% of men. They say they’re working to save more for a down payment and improve their credit score.
Single women report saving more diligently than single men. Seventy percent of single women say they save money first and only spend what’s left after covering the basics. That is a higher percentage than 63% of single men who report such an aggressive saving plan.
Eighty percent of single women who are prospective home buyers also say they feel excited by the idea of buying a home themselves. The majority also feel it would be a great accomplishment to buy a home on their own. Source: “Bank of America Homebuyer Insights Report: Spotlight on Single Women Homebuyers,” Bank of America (2022)
©National Association of REALTORS®
Reprinted with permission
