Single women are one of the major reasons homeownership has been on the rise since 2018, according to an analysis by First American Deputy Chief Economist Odeta Kushi.
In 2016, following the Great Recession, the homeownership rate declined to 63 percent. By the end of 2019, that rate had climbed to 65 percent.
“Getting married and having children have been shown to be key lifestyle decisions that increase the likelihood of homeownership, yet it seems single women are dispelling the traditional notion that buying a home follows love and marriage,” Kushi said. “As women’s earning power continues to rise, it seems first comes homeownership.”
Kushi noted that the homeownership rate for single women (including widowed, separated, or divorced) was 2.2 percent higher than single men in 2019. She said that might be explained by the differences between how single women and men prioritize homeownership.
The economist pointed to a 2018 Bank of American report that found single women prioritize owning a home more than their single male counterparts (73 percent vs. 65 percent). Single women also prioritize homeownership over getting married (41 percent) and having children (31 percent)
“According to our analysis, the homeownership rate for single women has increased from a 20-year low of 49 percent in 2016 to almost 51 percent in 2019,” Kushi said. “An impressive improvement in just three years, and a faster average annual rate of growth than the overall national rate.
“Mortgage data from Freddie Mac confirms the rising demand for homeownership from single women, as the percentage of their purchase mortgage customers who are single women has risen 30 percent from 2010 to 2019,” she added.
Kushi said single women homeownership increased in 24 of the top 50 markets in 2019. Homeownership rates for single women in 2019 were highest in Richmond, Va.; Columbus, Ohio; and Tampa, Fla.