Single Women Lead in Home Buying
Women may still trail behind their male counterparts in terms of salary, but when it comes to buying real estate single women are surging ahead. In recent years, the industry has noticed that single women are buying homes at twice the rate of single men, and have been for a few years.
While married couples continue to dominate the largest share of the home-buying market, single women made up the second largest share. According to the National Association of Realtors, single women made up 18 percent of recent buyers – more than twice the rate of single male home buyers
And, homeownership is a practical alternative to renting, which continues to get more expensive. In addition to skyrocketing rental prices, downsizing, and divorce are among the primary reasons cited by single women of all ages, as motivation to purchase a home.
The NAR report also indicated that older women, (72 or older), are the primary investors in real estate and that single women are more likely to purchase a home in their golden years than men. In 2016, the percentage of females between 50-60 years old who bought a home was double that of men in the same age range.
Buying a home is a draining and perplexing undertaking for anyone but navigating the process can be particularly challenging for single buyers.
“I feel that it is important to pinpoint the type of property that will work best for you, keeping in mind what you might appreciate in the future as well as the present,” Shelley Bianchi-Pelle with The Platinum Group Realtors said.
With only one income to rely on, it’s crucial to analyze your finances carefully and gauge how feasible it is to by a home. Without a partner to help pay the bills, it’s critical for single home-buyers not become “house poor.” Consider future possibilities as you search for a home too, such as what will happen if you find a partner or have to relocate for a job.
“Knowing how your mortgage will impact you financially on a monthly basis, and how it fits into your budget and lifestyle are a key in making sure that you are not tackling more than you are able to achieve comfortably,” Bianchi-Pelle said. “Check with your trusted lender or financial advisor regarding your goals and make sure you have a good picture of what price point will serve you best…and stick with it. There will be temptations along the way to push your budget. Just remember that nothing is sweeter than living your best life without the stress of having to stretch to make your mortgage payment.”
Coming up with the funds to make a down payment on a home can often seem unattainable to single buyers, particularly when faced with sizable student loan bills. However, there are all kinds of down payment assistance programs that can help individuals get into a home for less money down.
Overall, whether male or female, married or single, real estate remains one of the best long-term investments people can make. While it may sound tempting to cut out even more cost by getting into the market without a real estate professional, you run the risk of coming up against even greater obstacles to maneuver on your own.
Selecting a Realtor who will take the extra steps to help you successfully navigate the complexities of a home, especially as a first-time buyer, can make all the difference.
“When the time is right for YOU, talk to your REALTOR so that we can help you achieve YOUR GOALS, in YOUR TIMEFRAME,” Bianchi-Pelle said. “It’s not just about a buying house, it’s about making YOUR LIFE the best that it can be.“
The Platinum Group Realtors are your local experts in Colorado Springs. With over 80 percent of their business coming from personal referrals, they don’t focus on more business, just better business. Guaranteeing platinum service and platinum results in every price range, in every neighborhood.
For a no-obligation consultation, call 719-536-4326 or visit PlatinumHomesSales.com.