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More women pursuing solo home ownership than ever before

On Behalf of | Jan 8, 2020 | Residential Real Estate

For generations, couples represented the typical home buyers in Delaware and elsewhere in the United States. As of 2019, a new trend has become clear: Increasing numbers of single women are buying homes by themselves. Approximately 17% to 20% of home buyers were single women compared to 9% of single men in 2019. A survey conducted by Bank of America indicated that 73% of women considered home ownership a top priority above marriage and having children whereas 65% of men had similar feelings.

Women of various ages and income levels bought homes during the year. When two magazines collaborated to collect demographic data about single women home buyers, they discovered that 23% of them had annual incomes from $25,000 to $49,999 and another 20% earned between $50,000 and $74,999. Only 2% made over $200,000 a year. Fifty marks the median age of single female home buyers, but 55.8% of the buyers were between the ages of 18 and 39.

The motivations for single women to buy homes came from various directions. In 2019, some of them were planning on starting a family or already had children or older parents to care for. Many buyers chose to buy because they were able to afford a mortgage and did not want to wait for the possibility of marriage before making an investment in their futures.

Although reasons for buying differ, all home buyers benefit from financial planning to ensure that they can afford the original purchase and upkeep. Real estate agents also recommend that buyers attempt to negotiate price whenever possible. Legal advice may also aid a person during the purchase of residential real estate. An attorney may explain the purchase contract and closing costs and examine the thoroughness of disclosures. Consulting an attorney might also provide crucial insights if a person has questions about a title irregularity, zoning or tax lien.