Last month was Women’s History Month, and many of us spent time reflecting on the impact women have had in our lives. One thing you might not have considered during this past month is the impact that women have had on the housing market as well. In fact, since 1981, single women have bought more homes than single men each year, and they make up 17% of all households.
Why Is Women’s Homeownership So Important?
The rise in single women pursuing homeownership hasn’t only made an impact on the housing market, it is also an asset for those buyers and their families. That’s because homeownership has many benefits, both financial and personal.
On the financial side, housing proves to be a major key to building wealth for single women. Ksenia Potapov, Economist at First American, says:
“For single women, housing has always made up a large share of total assets. Over the last 30 years, the average single woman’s wealth has increased 88% on an inflation-adjusted basis, from just over $142,000 in 1989 to $267,000 in 2019, and housing has remained the single largest component of their wealth.”
The financial security and independence that homeownership provides can be life-changing. When you factor in the personal motivations behind buying a home, that impact becomes even clearer.
A recent report from the National Association of Realtors (NAR) shares the top reasons single women are choosing to purchase a home:
Key Takeaway:
Homeownership can be life-changing no matter who you are. Give us a call today to get pre-approved and on your way to owning a home!