Did you know single women are the second largest number of first time home buyers?
A 2015 profile of Home Buyers and Sellers shows 54% of first time home buyers are married couples and the second largest group of first time home buyers are single women, making up 18%. Single women rank higher in the study then single men, 18% for women and 11% for single men.
These first time women home buyers average 32 years old with an income of $49,000. They have a strong desire for a home of their own. Some are younger women who search for independence after college that home ownership can provide. Others may be single mothers looking for more space for their families. Many older women may have lost a spouse or have gone through a divorce and are now looking for a place they can call their own.
Home ownership often makes the most sense. In today’s market it often costs less to purchase a home than it does to rent. Rents prices are skyrocketing while home prices are beginning to stabilize. Interest rates are the lowest they have been in years, plus there are tax advantages to owning a home.
Do you want to paint the walls purple and select custom woods for the floor? When the home is your own you can personalize it to your taste, not your landlord’s. Plus no one can tell you your dog is not allowed.
I suspect my daughter will be a single first time home buyer in a few years, we often talk about what she wants in a home. Is now the time for you to become a home buyer?
Kelly Harden, Realtor®
CENTURY 21 Shaw Realty