As Women’s History Month is observed, it’s a good time to reflect on the impact women have on the housing market. For over three decades, single women have been buying more homes than single men every year, making up 17% of all households.
So, why is homeownership so important to women? Well, owning a home is not only advantageous to the housing market, but it also has many personal and financial benefits for the homeowners themselves.
From a financial perspective, owning a home is key to building wealth for single women. According to Ksenia Potapov, an economist at First American, housing has always been a significant part of total assets for single women. Over the past 30 years, their average wealth has increased by 88% on an inflation-adjusted basis, from just over $142,000 in 1989 to $267,000 in 2019, with housing remaining the largest component of their wealth.
Besides financial security and independence, owning a home can be life-changing. It becomes even clearer when we factor in the personal motivations behind buying a home, as indicated in a recent report from the National Association of Realtors (NAR). The top reasons single women are buying a home currently are shown in the chart below:
Bottom Line: Regardless of gender, homeownership can be life-changing. Connect with a professional today to discuss your goals in the housing market.
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