Okay, I'll admit it. I'm a single female, and I own a home. And, yes, I'm hot. Now that I have the attention of male readers, I also have to admit that this article is really about how hot the real estate market is right now for single female buyers. (And, in the interest of full disclosure, I ought to tell you that I'm a Realtor® as well as a professional writer.)
But lest you think I'm biased, I have some statistics for you. The single female population in the U.S. bought more homes than single men in 2004, according to the National Association of Realtors' "Field Guide to Women Homebuyers." And the trend continues. As of September 2006, the NAR reported that single female homebuyers had reached 21% of the market, up from 14 percent in 1995.[
So why is the single female real estate market heating up? It would be tempting to guess that the gender gap in wages is closing. However, the online magazine Mortgage News Daily reports that women are more likely to buy condos or other small homes, and "still own a greater proportion of substandard housing than single males or married couples."
Maybe it's a sign of social change, a sign that being a single female in America means something different than it used to. I have no statistics on this, just a hunch: the stigma associated with being a single female is fading. Now many women--even mothers--are single by choice and are not afraid to declare their independence by buying a home. But whether or not they're choosing to remain single, many single female heads of household now are taking charge of their financial affairs and investing in a home. As a single woman myself--and as a Realtor--I say, "You go, girl!"
And here's an interesting tidbit about how differently Mars and Venus handle money. Stereotypes of credit card addictions aside, single female buyers as a whole don't buy homes on credit. Harvard University's Joint Center for Housing Studies reports that single female homebuyers are more likely than single males or married couples to buy a home with cash. Two thirds of single female homebuyers are divorced, so it follows that many are probably buying a home with equity from a divorce. Still, considering the cost of housing today in most areas, buying a home with cash is no small financial feat.
Bottom line: If you're a single female and have been thinking of buying a home, go for it! You'll be building equity and having the security and stability that comes with home ownership. Talk to a trusted lender about financing options if you're not in a position to pay with cash.
If you'd like an overview before you jump into the market, there are several books just for the single female homebuyer. And before you venture into unknown waters, let me urge you to find a good Realtor to help you. If this is your first home purchase as a single female, you may not realize how important it is to have professional help, so I'll tell you: it's like going to court without an attorney.
Buying a house is an excellent move, financially and emotionally. But it can also be fraught with unforeseen problems and risks, pitfalls for the novice. More than once I've helped a buyer and felt like I'd almost given birth to that house by the time keys changed hands! Believe me, you don't want go through that alone. You can't even get an epidural for the pain of lost earnest money.
About the Author
Karen Todd is a writer at 10x Marketing. If you're a single female in search of a relationship, Heavenly Matched can help.
