In 2015, 18% of first time home buyers were single women, according to the National Association of Realtors (NAR) 2015 Profile of Home Buyers and Sellers. With home buying the largest group made up for 54% of first-time home buyers, which were married couples.
Male home buyers trailed single women, sitting at 11% of first-time home buyers. Of the rapidly growing group of women buying, details from the survey of recent home buyers is shown below:
- Income average is $49,400
- Average age is 32 years’ old
- A larger percentage of women seek pre-approval of mortgage so that they can make informed decisions based on their budget
- Most female home buyers think long-term when buying a home, considering what amenities they may need in the future
It seems women are interested in investing in their own futures regardless of relationship status and they are seeking financial security. They are happy to be independent and no longer pay for their landlord’s mortgage. Independence is a strong factor.
Home Buying is no longer a mindset of marriage before mortgage regardless of gender. Unmarried couples represent 13% of home buyers and another 11% are single male home buyers as per the report.
If you’ve been putting off purchasing a home simply because of relationship status, then you may want to consider the choices of other home buyers and take on a mortgage of your own. More and more, single women are taking on the responsibility of home ownership and reaping the benefits.
Still not sure about buying on your own? Should You Rent or Buy? In Both Scenarios, You’re Paying a Mortgage is a great read to help in explaining the benefits of home buying if you are currently renting.
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