In a transformative trend, single women are asserting their presence in the real estate market, taking homeownership by storm. Let’s explore the key factors driving this evolution.
Changing Landscape
Women only mortgage applicants comprised 18% of the market in 2023, leading to a steady increase since tracking began in 2021. This surge challenges historical norms, reflecting the financial independence and decision-making confidence of single women.
Financial Strength
A notable revelation from Maxwell’s Single Women Home Buyer Report indicates that one in three women with partners chose to buy homes independently due to their stronger financial position. This signals a shift in dynamics, empowering women to make homeownership decisions on their terms.
North Carolina’s Leading Role
Census data unveils that single women own nearly 14% of homes in North Carolina, surpassing their single male counterparts by a significant margin (just over 9%). This trend aligns with the broader national narrative of women taking charge in the realm of property ownership.
Insights and Perspectives
Urban Institute researcher Jung Hyun Choi acknowledges the rising number of women homeowners, emphasizing a noticeable shift toward women-led households. However, Pew researcher Richard Fry suggests that in certain age groups, the predominance of women may reflect strength in numbers rather than economic vitality.
Generational Impact
Maxwell’s report sheds light on the generational aspect, with Gen Zers and millennials emerging as the dominant force among single women mortgage applicants in 2023. This signifies a generational shift in attitudes towards homeownership.
As experienced realtors, we find this trend inspiring. The real estate landscape is evolving, and single women are making an impact. If you’re a single woman considering homeownership or have questions about the market, feel free to reach out to us at Brazoban Realty.
Source Lucille Sherman and Brianna Crane, North Carolina sees high growth of single women buying homes at AXIOS Raleigh 2024
