Single Women Have the Buying Power
“Skip the spouse, buy the house” was a line from a recent Bloomberg news story about single women buying homes on their own. It’s catchy, but also true: as the article reported, single women currently account for approximately 17% of new homebuyers in the U.S., versus 7% of single men.
Why? Despite the wage gaps that remain between men and women in the workforce, many millennial women appear to value homeownership more than their male counterparts do, and are adjusting their lifestyles accordingly to make it happen.
In the Bloomberg article, Daren Blomquist, senior vice president of ATTOM Data Solutions, noted that single women typically buy at a lower price point ($173,000 compared with $190,600) and have a slightly higher foreclosure rate than men (73 per 10,000 vs. 70 per 10,000). This may be a result of the aforementioned gaps in wages, or possibly because more women raise children on their own than men do – a scenario with major financial implications.
Single women homeowners say there’s a sense of independence and a comfort level that comes with owning your space, and that despite the need for often-expensive home maintenance and other costs, homeownership can be personally fulfilling.