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Single females represented 20.3 percent of Freddie Mac homebuyers in 2019, a 30% increase since 2010. The homeownership rate for Salt Lake City single female households in 2019 was about 55 percent, according to an article published by First American. Single women homebuyers said that purchasing their first home made them feel independent, successful and empowered, according to a study released by Bank of America.
“It’s exciting to see single women embrace their tremendous buying power through homeownership,” said head of Consumer Lending at Bank of America, D. Steve Boland. “They’re interested in buying homes now more than ever before and are taking solid steps to prepare for the financial responsibility homeownership entails.”
A study released by the National Association of REALTORS (NAR) found that women who were 54+ represented the highest percentage of single female buyers in 2019, but the same study also found that younger single females, especially millennials, are increasingly embracing homeownership. Women with higher levels of education are more likely to become homeowners. With women pursuing higher levels of education every decade, the percentage of single female homeowners is likely to rise.
“Single women are dispelling the traditional notion that buying a home follows love and marriage,” said First American blogger Odeta Kushi. “As women’s earning power continues to rise, it seems first comes homeownership.”
Single females have lower default rates than single males, but single women may face difficulties in getting a home loan because they receive lower wages than men. The National Women’s Center reported that women are paid less than men in 97 percent of occupations. 73 percent of single women prioritize owning a home compared with 65 percent of single men, but 47 percent of women said they wanted a higher salary before buying a home, according to Bank of America’s 2018 Homebuyer Insights Report.
The Bank of America study also reported that more single women feel overwhelmed when thinking about buying a home than single men. Purchasing a home is a big decision, but everyday our single sisters are showing us that it’s possible and rewarding, and in the inspiring words of Michelle Obama:
“There is no limit to what we, as women, can accomplish.”
Ladies, we’ve got this! XOXO
- Ashley Jorgensen
Sources:
Photo by Katarzyna Grabowska on Unsplash
Bank of America Study:
Fredie Mac Study:
NAR Study:
First American Blog:
The Mortgage Report:
Business Insider on Gender Wage Gap:
National Women’s Center on Gender Wage Gap:
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