There are More Single Women Homeowners Than Single Men
Mar 21, 2023 brooklyn,Brooklyn Buyers,Brooklyn Buyers Agent,brooklyn realty,brooklyn women,buying a home,Buying in Brooklyn,buying into brooklyn,women-owned business spotlight series
Happy Women’s History Month! At Realty Collective we find it important to highlight local women owned businesses in Brooklyn. We have a whole blog category dedicated to it. Female owned businesses are an important part of our community and without them we wouldn’t be here, literally, Realty Collective is co-owned by Victoria Alexander, a real estate agent with a deep love for Brooklyn.
Here is some exciting news and a reason to celebrate, there are more single women homeowners than single men in the United States. This may come as surprise to many seeing that women only make 85 cents for every dollar a man earns, but a report conducted by LendingTree, an online lending marketplace, analyzed data from the 2021 US Census Bureau American Community survey that would support this exciting fact.
Some of the findings included that 10.76 million U.S homes are owned and occupied by single females, while single men only owned and occupied 8.12 million. The trend of being a young homeowner may have long-term financial implications for single Americans. This is because homeownership is often one of the most effective methods of building personal wealth.
The New York Times explained in an article some of the reasons this could be, includes that not all women are low earners. Women under the age of 30 meet or exceed their male counterparts by at least 90% when it comes to earnings in over 129 metropolitan areas.
Another reason why more single women own property are that they prioritize homeownership, spend less and are willing to make more financial sacrifices when it comes to their home buying process, according to the National Association of Realtors. Also, women have a longer life expectancy compared to men, making a portion of the single female homeowners widows.
Just because there are more homes that are women owned doesn’t make purchasing one easier. Here are three tips to help women make their home buying experience easier:
1. Shop around for a mortgage lender before you buy
A lower rate on your mortgage can lower your monthly payments. This makes it easier to afford a house. Shopping around for a mortgage lender is an important step in the process for a cost conscious buyer.
Hint: Ask your real estate agent about mortgage lenders. Most have a preferred lender or lenders.
2. Carefully plan so you’re not overwhelmed by payments
Before buying, make sure you can afford to be a homeowner. Prepare your finances and use a tool like a monthly mortgage payment calculator, so how much you might owe each month. If you feel comfortable, move on to the next steps.
3. Know your rights
Lenders and sellers can not discriminate against you based on gender. It’s illegal! If you come across a situation like this, you can file a complaint with the U.S. Department of Housing and Urban Development (HUD). Other options would be to file complaints with the various local housing and human rights commissions near you.
When you’re ready to buy, get in touch! I’m always happy to help!
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If you’re interested in learning more about the buying process, download our free Buying Into Brooklyn Ebook. We share a ton of valuable resources to demystify the buying process and help you become a Brooklyn home-owner.