Overcoming Challenges and Achieving the Dream in a Changing Landscape

Single Women Leading the Charge in Homeownership

Despite facing challenges like the gender wage gap, high home prices, and rising mortgage rates, single women are outperforming other groups as first-time homebuyers in the US. They are making sacrifices, settling for smaller spaces, and waiting longer to buy than single men.

Experts believe several factors contribute to this trend. With smaller average incomes, many female homeowners never imagined owning a home on their own. However, these very dynamics could be driving their pursuit of homeownership. High-earning single women understand that building equity through owning a home will help them achieve long-term financial stability, especially without a second income stream from a partner.

"Women just outperform on homeownership," says NAR's chief economist Jessica Lautz. "This is something we've seen consistently since we started tracking it in 1981."

While women still face challenges, they are increasingly willing to make sacrifices. They are more likely to move in with family to save up for a down payment, as Meghan did after graduating from nursing school. With a salary boost from the COVID-19 pandemic, she was able to purchase a condo in Boston in 2022.

Like Meghan, many women are pursuing higher education, which could be another driver of their higher homeownership rates. Additionally, female homebuyers prioritize stability, making the certainty of a 30-year mortgage attractive as rental prices rise.

"First comes home ownership," says First American's deputy chief economist Odeta Kushi.

For many women, their homes are a lasting investment and a source of independence and confidence.

"I'm way more capable than I thought I was," says Megan O'Neil, a homeowner in Memphis. "I need a partner, because I can do this by myself, too.