According to Dr. Jessica Lautz, "women have determined 'I don't have to be married to have a solid house to call my own,'" which has helped make the goal of home ownership a reality for many single women. According to her, the number of single women purchasing homes is increasing once again after seeing a small drop in the middle of the 2010s.

The most important reason is... According to Lautz, the most plausible explanation is that women are looking for the stability of receiving a set monthly income. According to Lautz, "they know exactly what their monthly mortgage payment will be for the next thirty years, as opposed to knowing that their rent may go up at any moment."

Alissa Jean Schafer, a single mother who lives in South Florida, cited this as her primary source of inspiration. "Because my family is supported by only one income, I recently realized that the only way I will be able to continue living here in a respectable neighborhood with good public schools for my daughter is to get a fixed mortgage.

Investigating the Growing Phenomenon of Homeownership Among Single Women

There has been an overall decline in the number of people getting married or living together as a couple. According to a study of Census data conducted by the Pew Research Center, around four out of ten persons between the ages of 25 and 54 were unpartnered. However, single males are not getting on the trend of purchasing a property on their own nearly as often as single women; single men represent 9% of homebuyers, while single women represent 19% of homebuyers.

According to Lautz, the probable underlying issue is that women are more likely to function as caretakers to elderly parents and children less than 18. Lautz explained: "Those who are bringing along more dependents may want a more stable location to dwell." According to the statistics provided by the NAR, twenty percent of single women purchasers had children who were less than eighteen. In comparison, twelve percent acquired a multigenerational house to care for elderly parents or accommodate children older than eighteen.

Advice for Single Women Considering the Purchase of a Home

You are not alone if you are a single lady looking for a house; you are in very good company. According to Sara Linton, "My single female purchasers come to me with a good understanding of what it is that they want, much more education on where it is that they want to live, and even what they can afford even before they reach out to me." There are a few items to take into consideration when you evaluate whether or not the current moment is an appropriate one to purchase a property.

Carry Out Some Research

To purchase a property, you must fulfill certain requirements, regardless of whether you do it as a single woman or as part of a pair. These include demonstrating that your debt-to-income ratio satisfies the lender's demands and that you have a consistent income and a sufficient amount of cash reserves. As soon as you are certain that you will be able to fulfill the conditions of the mortgage, you will need to do the math to determine how much of a house you can afford. When you are ready to start looking for a new house, getting a letter from your lender stating that you have been pre-approved for a mortgage is another smart place to begin.

The Right to Own One's Home Is a Key to the Future

The idea that purchasing a property might help one amass financial security has been around for a long time. This is particularly true given the continued increase in the cost of renting a home or apartment, making it difficult for individuals to put money aside and develop wealth they may use to build on and pass on to future generations. The figures don't lie, as they say: According to data conducted by the Federal Reserve, homeowners in 2019 had a median net worth of $255,000, which was much more than the $6,500 reported by renters. This is because the equity in your home increases with each mortgage payment that you make.