As we celebrate Women’s History Month, we cannot overlook the significant impact women have on the housing market. For over three decades, single women have consistently bought more homes each year than single men, representing 17% of all households.
What Makes Homeownership So Important to Women?
Besides boosting the housing market, owning a home provides both financial and personal benefits that are life-changing.
For single women, owning a home is a key strategy for building wealth. Economist Ksenia Potapov at First American points out that housing has always been a significant portion of a single woman’s total assets. Over the past 30 years, the average single woman’s wealth has increased by 88% on an inflation-adjusted basis, from over $142,000 in 1989 to $267,000 in 2019, with homeownership remaining the single largest component of their wealth.
Moreover, homeownership provides women with financial security and independence, which can be truly transformative. When personal factors motivate women to buy a Triangle home, the impact of homeownership is even more apparent.
According to a recent report from the National Association of Realtors (NAR), the top reasons single women buy homes are as follows (see chart below):
Bottom Line
Homeownership has had a tremendous impact on the lives of many women, providing them with financial stability, independence, and a sense of accomplishment. As we celebrate Women’s History Month, let us continue to recognize and support the achievements of women in all aspects of life, including the housing market. Contact Linda Craft Team Realtors today to talk about your goals in the Triangle area housing market.