Why Is Homeownership So Important to Women?
Throughout Women’s History Month, we reflect on the impact women have in our lives, and that includes impact on the housing market. In fact, since at least 1981, single women have bought more homes than single men each year, and they make up 17% of all households.
The rise in women pursuing homeownership hasn’t just made an impact on the housing market. It’s also been an asset for those buyers and their households. That’s because homeownership has many benefits, both financial and personal.
On the financial side, housing proves to be the key to building wealth for single women. Ksenia Potapov, Economist at First American, says:
“For single women, housing has always made up a large share of total assets. Over the last 30 years, the average single woman’s wealth has increased 88% on an inflation-adjusted basis, from just over $142,000 in 1989 to $267,000 in 2019, and housing has remained the single largest component of their wealth.”
The financial security and independence homeownership provides can be life changing, too. And when you factor in the personal motivations behind buying a home, that impact becomes even clearer.
While security is an obvious reason for anyone to own their own home here are some additional reasons why women specifically benefit from this life changing purchase:
*Independence and empowerment: Owning a home can provide single women with a sense of independence and empowerment, allowing them to create a space that reflects their own style and personality.
*Legacy and generational wealth: Homeownership can provide single women with an opportunity to build and pass down generational wealth to their children and future generations.
*Community involvement: Homeownership can provide single women with a sense of community and belonging, as well as opportunities to become involved in local neighborhood associations and organizations.
*Equity and access: Historically, women have faced significant barriers to homeownership, including discriminatory lending practices and unequal access to credit and capital. Owning a home can provide single women with a sense of equity and access, allowing them to build wealth and assets that can be used to support themselves and their families.
During Women's History Month, it's important to recognize the many obstacles that women have faced in the pursuit of homeownership and financial stability. By understanding these challenges and advocating for equitable policies and practices, we can work towards a more just and equitable society for all women.
Here on Martha's Vineyard there is a large population of second home owners and many of them are single women. They use these homes as income producing investments and have the ability to leave a legacy for their families. We also have many successful women entrepreneurs here who realize early on that getting into the housing market is key if they want to keep their business running. Even if they have to get creative and offset their expenses with renting rooms, women business owners of Martha's Vineyard have proven they have grit and determination and often find a way to make a home purchase happen.
A recent report from the National Association of Realtors (NAR) shares the top reasons single women are buying a home right now (see chart below):
Homeownership can be life changing no matter who you are or where you live. Let’s connect today to talk about your goals in the housing market.