How Homeownership Is Life Changing for Many Women
During Women's History Month, we reflect on the impact women have on our lives, including the housing market. Since at least 1981, single women have purchased more homes than single men each year, and they account for 17% of all households.
Why Is Homeownership So Important to Women?
The increase in female homebuyers has had an impact on more than just the housing market. It has also benefited those buyers and their families. This is due to the numerous financial and personal advantages of homeownership.
Housing proves to be the key to building wealth for single women financially. According to Ksenia Potapov, Economist at First American:
“For single women, housing has always made up a large share of total assets. Over the last 30 years, the average single woman’s wealth has increased 88% on an inflation-adjusted basis, from just over $142,000 in 1989 to $267,000 in 2019, and housing has remained the single largest component of their wealth.”
Homeownership can also provide financial security and independence, which can be life-changing. When you consider the personal motivations for purchasing a home, the impact becomes even clearer.
According to a recent National Association of Realtors (NAR) report, the following are the top reasons single women are buying a home right now (see chart below):
No matter who you are, owning a home can change your life. Work with a local real estate agent today to discuss your real estate goals.
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