The traditional view of home ownership usually includes a married couple, but times have changed, and more and more single women are entering the housing market. In fact, almost twice as many single women are purchasing homes than single men, and almost one in five homes purchased today are purchased by single women. So why are single women making up such a large part of the housing market, and what are the special considerations single women should make when purchasing a home?
What Women Want!
The demographics of single women buying homes are quite diverse. From young professional women in their 20s to divorced mothers in their 40s, there are really no typical single women making home purchases, and their needs are just as diverse. Overall, however, there do appear to be a few trends in the market, and here is a list of what the average single woman is looking for in a new home.
- Most spend less than $200,000
- Prefer two bedrooms or more
- Less likely to choose new construction
- Will compromise size and cost to get other amenities, but not location
- Smaller spaces are acceptable, and many prefer condos
- Desire security and safe neighborhoods with a strong community feel
- Look for close proximity to stores, shopping, and fitness centers
Things To Consider
If you are a single woman looking to enter the housing market, or know someone who is, then what should be considered before making the leap into home ownership?
Essentially the considerations are much the same as those of any homeowner. Taking a realistic look at your financial situation is always important. Seeking out the advice of a qualified financial advisor and a REALTOR® can make the process less difficult. It is also important to be sure you are not entering into any unwise loan agreements that may not be wise down the road, such as no-money-down deals. It is also important to have a clear picture of what your needs as a homeowner are, and that you don’t settle for something that will not work with your particular lifestyle.
Photo Credit: @jenni.heller via Twenty20