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Single women are more likely than their male counterparts to own a home, despite typically earning less than men do, according to a recent survey from the National Association of Realtors.
The association’s “2023 Profile of Home Buyers and Sellers” found that single women outpace single men as homebuyers, with women representing 19% of buyers and men representing 10%. While married couples account for the biggest share of homebuyers at 59%, the number of female homebuyers has grown over the years.
In 1981, when the association conducted its first survey, 73% of all homebuyers were married couples, while single women and men were nearly on par with women representing 11% of buyers and men representing 10%.
“Today, single women are a force, surpassing all odds in the housing market and purchasing homes with lower household incomes in an increasingly unaffordable housing market,” said Jessica Lautz, deputy chief economist and vice president of research for the National Association of Realtors. “Regardless of how these single women are entering homeownership, they are finding a way and doing so at a significant pace.”
Lautz noted that prior to the passage of the Fair Housing Act and the Equal Credit Opportunity Act, an unmarried woman needed a male relative as a co-signer to obtain a loan. Under federal law, women had no legal recourse against lending discrimination, she said. It was not until 1974 that women were legally protected and able to obtain a mortgage without a co-signer, Lautz said.
Why women buy vs why men buy
Lautz said while both men and women respondents in the survey most often said they were purchasing because they wanted to own a home of their own, significantly more women said they purchased a home to be close to friends and family.
Men were more likely to report buying a home due to a change in their family situation, such as a divorce, death or the birth of a child. Men were more likely (7%) to cite retirement as a reason to purchase property compared to women (4%).
Lautz said a possible reason single women out pace single men when it comes to purchasing homes is because single women are more likely to have children under the age of 18 living with them and want the stability of homeownership.
Median age, income of first-time buyers
With regard to finances, Lautz found women typically purchase a home as a first-time buyer with a household income of $69,600 compared to single men with a household income of $83,800.
This income discrepancy may be one reason why the median age of first-time buyers is 38 for single women compared to 33 for men, Lautz said.
According to the survey, 45% of women said they have made financial sacrifices to be able to afford a home compared to 40% of men. Common financial sacrifices include cutting spending on non-essential goods, entertainment and clothes, as well as taking on a second job.
While savings and the sale of a previous home are the most common financial sources for both men and women, men used their savings at a higher rate to purchase a home. Women, on the other hand, used the sale of their last home at a higher rate. Men also were more likely (20% compared to 15% of women) to sell stock or bonds, use their IRA savings accounts and cryptocurrency or take a loan from their 401k/retirement plan. A higher number of women (13%) used a gift from a friend or relative for their down payment compared to 11% of single men.
Silicon Valley Association of Realtors (SILVAR) is a professional trade organization representing 5,000 Realtors and affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term Realtor is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of Realtors and who subscribes to its strict Code of Ethics.
