More single women buying houses than single men | News
NEW YORK — Recently, Credello’s Millennial women and money survey came out and revealed some interesting details on the strategic spending habits of women. One of the things it made apparent is that more single women than single men are buying homes right now. We’ll talk about what that means right now.
More Single People Than Ever Are Buying Homes
Before discussing why more single women are buying houses than men, we should mention that it’s becoming more socially acceptable for anyone to buy a home independently, regardless of gender. That’s because fewer individuals are marrying or cohabitating, but many single people want to experience what it’s like building equity in a home.
Buying a home and paying a mortgage means gradually establishing equity, which is attractive to many individuals. It’s a way toward eventual financial independence, usually in retirement.
Some people are still content renting apartments, but others are doing everything possible to escape that lifestyle. As it turns out, more single women than men are making that transition.
How Many More Women Than Men Are Homeowners?
Single men own about 8.1 million homes in the U.S. That compares to about 10.8 million single women owning homes. That’s approximately 2.84% more occupied homes owned by single women right now.
That’s a significant difference, too large to be a statistical anomaly. Why are more single women than men buying their own homes, especially in light of the fact that women only earn 83 cents for every dollar that a man makes?
Single Women Are Sacrificing More
It seems some single women are willing to make more sacrifices to get away from landlords and the rental cycle. There are always exceptions, but for the most part, it appears that more women are willing to be less comfortable for a time if it means they can buy their own house sooner rather than later.
These women might buy secondhand clothing, work multiple jobs, not splurge by dining out, and do anything else that enables them to spend less money. The cash they save will eventually go toward the downpayment on a house.
Single men, meanwhile, seem to prioritize homeownership less. They’re more willing to spend money on clothing, larger TVs, dining out, and other luxuries while remaining in apartments.
What Does This Mean?
This trend seems to indicate that more individuals don’t want to wait till they find a partner to try to buy a home. Both single men and women are finding it desirable to purchase a house on their own when they can afford it.
They might find a spouse or someone with whom they can cohabitate later. In the meantime, they’re perfectly willing to buy on their own if they’re financially able to do that.
What Does the Future Hold?
It’s anybody’s guess whether single women will continue to outpace single men when it comes to buying homes. That trend could reverse itself, but the number of individuals of both genders willing to purchase houses by themselves seems to indicate there’s no longer a social stigma about taking this action.
More women seem willing to sacrifice their comfort for a time if it means getting away from landlords and the apartment-renting cycle. While some men are doing this as well, more of them seem willing to give up the idea of owning a home, at least for now. They seem okay with spending money to improve their apartment living situations instead.
Regardless of your gender, if you’re looking at buying a home in 2023, you might find that building equity is too attractive of a prospect to pass up. If renting seems like the better option at the moment, it might not stay that way forever.
A time might come when you save up enough money to buy a home on your own, or you may find the right person and pursue homeownership together.