August 18th marks nearly a century since the passing of the 19th amendment that gave women in the United States the right to vote – a great victory following a long and difficult struggle for women’s rights. To acknowledge this tremendous milestone, we want to highlight another emerging trend pointing to the growing power of women and gender equality in America. A recent report shows single women are taking control of their finances and buying homes at a rate more than twice that of single men.
The National Association of Realtors’ 2017 Profile of Home Buyers and Sellers showed that married couples made up the largest share of U.S. home buyers last year (65 percent), and single women came in a solid second at 18 percent. By contrast, only 7 percent of home buyers were single males, and 8 percent were unmarried couples.
Female homeownership rates are impressive, especially considering that women continue to make, on average, only 82 percent of what male counterparts earn. As homeownership is seen as a key component in Americans’ ability to amass wealth, the NAR’s findings indicate women are becoming less dependent on men for financial support.
Industry analysts cite a number of reasons for high ownership rates for single women, from a desire for the stability and control over monthly expenses that owning a home can provide, to the increased acceptance of staying single longer and putting off marriage and having children in lieu of greater career prospects.
Beyond the financial benefits homeownership can provide, merely gearing up to buy a home has intrinsic value. Saving for a down payment can teach budgeting and discipline, and instill a sense of pride.
Ethos Lending hopes to see this trend continue as more women take the leap into homeownership!
Ethos Lending is a new type of mortgage lender. We use technology to keep our operational costs as low as possible. From closing costs to interest rates, we have made it our mission to make the process of buying a home more affordable. Get in touch with one of our mortgage specialists to learn more.