The percentage of single women buying a home is on the rise, despite affordability challenges
After many years of renting, Anna Mascall (30 years old) decided to buy her own house.
Mascall once thought that her dream of owning a home would be out of reach – but that all changed after the Covid-19 pandemic struck, urban residents began to flock to Lehigh – a county in the state. Pennsylvania, USA – where she lives.
Mascall stood in front of the house she just bought.
At that time, the owner of the house she was renting decided to sell the current house and compensate Mascall for the deposit. She took the opportunity and her dream of owning a home came true.
“My biggest dream was to own a home of my own and now I’m happy to be able to tell everyone that I’ve made it.” – Mascall shared.
Mascall – a single woman admits that she was a little hesitant about completing the important milestone of her life without a partner. “But maybe it’s time for me to take charge of my life and there’s no reason to force me to rely on others.” – Mascall said.
The percentage of single women buying a house tends to increase sharply
Up until now, most people have followed a certain sequence for major life events: first getting married, then buying a house.
Many women make specific and clear plans for buying a home without waiting until they get married.
However, a recent study from Bank of America (BofA) shows that single women like Mascall are redefining that sequence. The specific proof results are given as follows: Nearly two-thirds of home owners are women who say they don’t want to wait until they’re married to buy a home. In addition, up to 30% of current female landlords bought a home while they were single.
To be sure, buying a new home can be challenging in the current market given the limited supply as prices are high and mortgage rates rise. According to the National Association of Realtors, the median current home price in the US was $358,000 in December 2021 – a 15.8% increase from December 2020 ($309,200).
The BofA survey found that 80% of women are excited about the idea of buying their own home, while 92% affirm that it will be a great achievement in their life.
“I don’t think women should be limited by the thought that they must have a family to buy a house.” Kathy Cummings, Senior Vice President of Home Ownership Solutions and Strategic Relationships at Bank of America
Furthermore, 60% of prospective homebuyers said they would feel like they’ve achieved success when it comes to buying their own home. Nearly half of single female homeowners (46%) said they take pride in telling others about their home ownership status.
Not only that, single women are also realizing one important thing that owning their own apartment can be a way to increase personal wealth.
Overcome Common Misconceptions and Barriers
Meet with financial professionals who can help you evaluate your options and know what to expect when buying a home.
Other common misconceptions suggest that you need to have a 20% down payment, a perfect credit score, and no debt before you can even start thinking about buying a home.
According to Cummings, Bank of America and several other organizations offer financial products that allow potential homebuyers to get financing with as little as 3 percent off. You can also get additional benefits depending on your income…
Having a solid credit score will help you get a better home loan deal. But there are other options for homebuyers with low credit scores, even though they may come with higher interest rates.
“However, it is important that you determine how important housing is to you personally and find good supports.”Cummings said.
Accordingly, by meeting with a financial professional and assessing your options, you can know what you need to prioritize in order to be ready to create a plan to realize your dream of owning a home.
“Educate yourself, learn all you can and don’t give up on anything just because you’re a single woman. Home ownership can be a huge part of building your financial future.” – Cummings added
According to CNBC
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