Spouse vs. House? Single Women Buying More Homes
Two out of three single women – the second-largest buying group – don’t need wedlock to buy a home, with 71% willing to move a future spouse in later.
NEW YORK – A growing number of single women buy real estate on their own. More than two-thirds of single women said they’d rather not wait until marriage to purchase a home, according to a Bank of America survey that suggested more single females are “skipping the spouse ahead of the house.”
Eighty-seven percent of single women agree that it’s an “outdated idea” you must be married to purchase a home. Once they have the finances in place, single females surveyed say, they won’t hesitate to buy on their own.
As a group, only married couples buy more homes than single women, according to 2021 data from the National Association of Realtors® (NAR). Currently, single women make up 19% of the homebuying market, while 9% are single men and 60% are married couples.
What’s more, 71% of single women considering a home say they intend to have their future partner move later, according to the Bank of America survey.
For single women, finances are the main homebuying hurdle. Nearly three-quarters of single women who have not purchased a home yet say they haven’t done so because they want to feel financially stable first, compared to 64% of men. They want to save more for a down payment and improve their credit score.
According to the studies, single women save more diligently than single men: 70% say they save money first and only spend what’s left after covering the basics. Only 63% of single men report an equally aggressive savings plan.
Four out of five (80%) single women considering a home purchase are excited by the idea. The majority also feel it’s a great accomplishment to buy a home on their own.
Source: “Bank of America Homebuyer Insights Report: Spotlight on Single Women Homebuyers,” Bank of America (2022)
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