economy
Single women see homeownership as 'a wealth-building tool,' economist says, but buying remains a challenge
For years, single men who were first-time homebuyers had higher annual income than their female counterparts, according to the National Association of Realtors.
TL;DR
- Single women's median income among first-time homebuyers is now higher than single men's.
- Single women constitute a larger percentage of first-time homebuyers compared to single men.
- Women view homeownership as a significant wealth-building tool and are willing to make financial sacrifices to achieve it.
- Despite this trend in homebuying, women still earn less than men overall.
- Women have faced historical barriers to mortgage qualification, with legal changes in the 1970s enabling them to qualify independently.
- Rising home prices, mortgage rates, and limited supply make homeownership a difficult goal for all buyers, especially those relying on a single income.
- Single women buyers are more likely than single men to report making financial sacrifices to save for a down payment.