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Record s of single women are becoming first-time homebuyers in recent years. Statistics from the t Center for Housing Studies indicate that more than one-in-five homebuyers are single women. Twice as many unmarried women are buying homes as single men, and the National Association of Realtors indicates that the ratio tilts even more heavily toward single women among older populations. Here are a few more recent trends in the housing market, along with tips for any potential first-time homebuyers. They prefer two bedrooms or more, and they're less likely to choose new construction.
Women are more likely to compromise size and cost to get other amenities, but they're less likely to compromise on the location or quality of the neighborhood. They like to engage in social interaction with neighbors.
They buy in cities more often than in suburban areas. Women prefer condominiums with well-run homeowner associations over single-family homes. Smaller spaces are acceptable. On the plus side, buying a home is more of an investment than renting.
Monthly rent payments are essentially getting flushed away—you'll have nothing to show for it but a roof over your head for another month. Paying off a mortgage, on the other hand, provides you with an asset that adds to your net worth. What's not to like about that?
However, buying requires a much larger injection of cash up front compared to ing a lease. Once the home is yours, you'll be solely responsible for fixing things when they go wrong and things will inevitably go wrong.
Repairs and maintenance can be costly, and single women have only one income to meet these expenses as they crop up. First-time homebuyers of all kinds have a steep learning curve ahead of them. It's hard to fully anticipate the responsibilities, potential pitfalls, and complications associated with homeownership. However, you can take a homeownership class to get a better idea of what to expect when you purchase your home.
HomeFree USA offers one, or check with state services. Some offer free classes. Old stereotypes can be thrown out the window these days. Many women feel just as comfortable swinging a hammer or wielding an electric drill as the average man. But if this isn't you—or if you would simply prefer to spend your weekends doing something other than manual labor—you might want to look into buying a home warranty.Buying A Property Alone - You Don't Need A partner To Be A Homeowner! - Jade Vanriel
It can be a bit of an expense, but such a warranty can be great insurance against costly repairs or replacements. The warranty company will usually foot the bill for smaller problems, as well, so you don't have to heft that hammer if you don't want to.
It's not just a matter of repairs, either. Certain maintenance issues are ongoing, such as mowing the lawn or weeding the garden. You can make time to do these chores yourself, or pay someone to do it. Either way, you should have a plan in place for how you'll tackle these tasks before you buy a home. You might be preapproved for a mortgage, but think carefully before you spend every last dime the lender has offered to let you borrow.
With only one income to meet expenses, you might want to consider leaving a little extra wiggle room in your budget for emergencies like illness or unexpected job loss. If your monthly payments are too steep, you risk having to cut out your favorite pastimes and expenses in order to avoid a debt spiral. If you'd rather give yourself more cushion for luxury and recreational expenses, you might want to look at more modest properties.
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Develop and improve products. List of Partners vendors. Full Bio Follow Linkedin. Follow Twitter. Elizabeth Weintraub is a homebuying, home loans, and mortgages expert. Read The Balance's editorial policies. Key Takeaways Single women are making up a larger share of the home buying market in recent years.
Like any homeowner with only one income, single women should be prepared for the cash required to purchase and maintain a home. First-time homebuyers should take advantage of any educational resources they can to better prepare for homeownership. It's also critical to avoid taking on too large a monthly payment to leave room for other necessary expenses. Article Sources. Your Privacy Rights. To change or withdraw your consent choices for TheBalance. At any time, you can update your settings through the "EU Privacy" link at the bottom of any.
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7 Things Single Female Home Buyers Need to Know