Single Women, Successful Homeowners
The Rise in Single Female Homeowners
This post is being republished with permission from www.SurfCityLawyers.com. Ana and Christine are good friends, and some of the smartest people I know! When I saw this article, I HAD to share it with you.
Women across the country are tearing down the cultural misconception that homeownership is primarily for men or families. According to the National Association of Realtors, 18 percent of homebuyers in 2017 were single women.
Meanwhile, only 7 percent of single men bought a home in the last year. The discrepancy in these numbers doesn’t necessarily stem from buying power, however. In fact, studies show that single women can only afford to purchase 39 percent of the homes on the market.
The idea that women should be married or need a support structure to maintain a property on their own is ingrained in our societal fabric. But this increase in female homeowners has sparked a global conversation regarding women’s ability to rally against the existing subliminal misogyny that tells them to support rather than lead.
Why are these women buying homes in greater numbers? In addition to their salaries, higher education, and matrimonial choices, many women credit motherhood as the driving factor in their choice to become a homeowner.
In the past, single-parent households weren’t traditionally allowed to adopt. Now, however, one-third of all U.S. adoptions happen in single-parent households, and statistics show that unmarried women are far more likely to adopt than their male counterparts.
Despite making up a sizable portion of the buying market, single women don’t have an easy path to ownership. Because they aren’t relying on a partner’s income to help with a down payment, they have to take a lot of financial precautions.
Zillow.com estimates that it will take an unmarried person 11 years to save up for a 20 percent down payment on a typical home in the U.S. Despite these obstacles, many single women are finding ways to make homeownership a reality.
Some slowly build up their savings, while others rely on brokerage accounts and retirement funds or pensions. Regardless of the method they choose, these women are creating a new frontier for others who are ready to take the leap.
Surf City Lawyers is located in Huntington Beach, California. Christine A. Kingston and Anna Serrambana specialize in Bankruptcy, Estate Planning, Probate, Student Loans, Business Law and Civil Litigation.
If you are a part of this rise in female homeownership, it’s important that you protect your assets with a proper estate plan. Reach out to Anna today for more information on how she can help create a customized estate plan that meets your goals and needs.
Hiring a Mortgage Expert
I’ve mentioned it many times, and I cannot stress enough the importance of consulting a professional loan officer when looking at financing options for your current, first, or next home.
The lenders that you see advertising on TV, radio, and the internet, are primarily services that sell your information to telemarketing companies. These companies spend a lot of money to get you to pick up the phone or fill out a form.
These “big box” lenders can offer you a mortgage the same way that McDonald’s can offer you a hamburger. You can eat a McDonald’s hamburger and be full, but is it really the best decision for your long term health? Probably not.
Professional loan officers are more likely to help you understand the risks and rewards of any financial decision you make regarding your home loan.
Professional loan officers solve home loan financing issues for a living, and look at homeownership as a long term path to building wealth for you and your family.