Important Tips for Single Women Buying Homes

Women are waiting longer to marry so it makes sense that single women represent more than 20% of new home buyers, and more than 40% of these women are first time home buyers. It’s exciting to see women developing the skills, and more important, the confidence to make life changing decisions like buying a home. They include women of all ages, races and represent women living alone (more than half), single mothers (thirty percent), widows, divorcees and those living with other adults.

Women recognize that a home is a great financial investment and they should not tie building financial security to getting/staying married.

Women buy lower cost homes (75% spending less than $200,000) that match lower earnings.

Women buy more 2 bedroom homes (34%) while single men prefer efficiencies or one bedroom units.

Women are slightly more likely to buy a condo seeing the benefit of not having to handle exterior maintenance chores, and they don’t require more bedrooms than most condos provide.

Condos also offer lower cost options so women can focus on their desired location, and benefit from neighbors who are more likely to be single.

Women are developing new approaches to housing to meet their needs, i.e. co-housing communities which are attractive with the privacy of owning your home and the benefits of a supportive community.

Women prefer cities over the suburbs, and are concentrated more in the Northeast and South as that’s where their demographic resides.

Women are more likely to compromise on size and cost of their home, versus a focus on location and friendly neighborhood.

Women value a realtor with strong communication skills and they’re less likely to rely on the web in their search for a home.

Women buyers also face lending discrimination according to a study by The Consumer Federation of America showing women are more likely to be put into higher-cost subprime mortgages, regardless of their credit and income.

by GALTime.com
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