All The Single Ladies: The Rise Of The Female Homeowner

You know that something big must have happened in the last decade to consider Beyonce’ outdated.  In the housing market, single ladies aren’t sticking around in the basement of some low-rent housing complex waiting for a hot guy to suck it up and put a ring on it.  Far from it.  These days women with drive and determination are moving their lives forward with or without their smug Prince Charming (or that perfumed white horse he rides in on).  That means having children, a stable career, and eventually even owning that classic American Dream stable–a brand new home–all on their own time and dollar.

And it’s about time sales agents sit up and take notice.

It wasn’t long ago that draconian finance laws prevented single women from even qualifying for a mortgage. But today the National Association of Realtors cites that approximately 16 to 22 percent of all homebuyers currently in the market are women.

According NAR’s Jessica Lantz, women seem to be more willing to make the commitments required to purchase a home more than almost any other demographic.  “We asked did they make any sacrifices like cutting spending on entertainment, on luxury items they don’t necessarily need, on clothing, even getting a second job,” she says. “And consistently, single female buyers are making those sacrifices more than other buyers.”

The number of single women in the market more than double that of single men.  Only married couples outnumber them.

And these women don’t just settle for any type of property either.  The Joint Center for Housing cites the specific trends recently associated with the female homebuyer.  Based on their research, a woman: prefers to have more than 2 bedrooms, buys near the city rather than in the suburbs (to be close to dining and shopping), and absolutely will not compromise on location or neighborhood quality.  They also cite that the female psychological makeup is more inclined to “nest,” or purchase property for longer settlements of 6 to 10 years as they concentrate on expounding their own ambitions.  Due to this, they prefer to view their property as a long-term “investment,” and are more willing to move into “fixer-uppers” that will give them a greater rate of return when they decide to resell or rent out.

Women are also pointed out by the Joint Center as being particularly susceptible to the “ripple effect.”  When one finally commits to buying a home, the likelihood that one of her friends will soon follow suit greatly increases–thus triggering a market chain reaction filled with women who all want the same self-satisfaction their friend has.

Mortgage lenders know this too, and they have gone out of their way to cater to this intriguing phenomenon with programs that offer everything from locked low interest rates to grants to assist with closing costs and down payments.  Fannie Mac, for example, offers special government-sponsored packages designed for single moms and the recently divorced to become first-time homebuyers.

Who needs to put a ring on it when a lady these days is just as likely to buy one for herself–along with a jewelry box to match her new bedroom set in her new condo?  Times have changed, and the housing market along with it.  Thank goodness.  Single Ladies: put your hands up and give yourself a pat on the back.  You’ve earned it.