In light of women’s history month, we thought we’d give all women home buyers and owners a special shout-out. Buying a home isn’t easy but especially for women. Since the late 1800s, women have been slowly gaining more and more financial independence. However, it wasn’t until the 1970s that they first started to catch up with men financially. But even now, in 2022, on average, women still earn less than men for doing the same work. And yet, there are still more and more women home buyers. There are a few factors at play here that we’ll discuss.
First, we believe the upward pattern of women buying homes is partially because they feel more confident in their financial situations. In the past, many women were reluctant to take on a mortgage or buy a home because they didn’t feel like they could handle the financial responsibility. However, women have earned more money in recent years. As a result, they feel more comfortable buying homes. Especially in cities where homes come with a hefty price tag, such as Boston, recent reports revealed more single women home buyers and owners than single men homeowners.
Second, the upward trend of women buying homes is also because women are increasingly becoming the breadwinners in their families. According to The blog of the Urban Institute, among “married households, the share of women heads of household increased 24.3 percentage points, from 21.8 percent in 1990 to 46.1 percent in 2019”. This means that there are many families where the woman is the primary income earner. And as we all know, to afford a home, you need to have a good job and make consistent monthly payments.
Lastly, the trend of women buying homes is also because home prices have been increasing faster than rent prices. Americas Rental Housing 2022 report concludes “home values increased faster in all but one market, as home prices rose by at least double digits in 99 markets, outpacing rent growth by 7.9 percentage points on average.” In most major cities, the cost of rent has been rising rapidly while the cost of homeownership has been staying relatively flat. As a result, more and more women choose to buy homes instead of renting.
Advice to Upcoming Women Home Buyers
So for all you women home buyers planning to make your big purchase, here are a few bits of advice:
Make sure you have a good job or business to support a mortgage.
Focus on getting your credit score as high as possible.
Do your research and find out how much you can afford to borrow.
Get pre-approved for a mortgage, so you know what your budget is.
Find a good real estate agent who can help you find the right home for you.
Stay calm and don’t get overwhelmed during the home buying process. It can be a lot of work, but it’s almost always worth it in the end!
Continued Progress from Women Home Buyers
There are more women home buyers due to their increased confidence in their financial situations, the growing trend of women being the breadwinners in their families, and the fact that home prices have been growing at a slower rate than rent prices. Buying a home is a big decision, but it can be enriching in the end! If you are a woman considering buying a home, it is essential to do your research, stay calm, and get pre-approved for a mortgage. And yes, based on the previous and ongoing trends, we believe many more women will be buying homes in the years ahead.
All of that said, what do I know about why more women are buying homes? I may have completely missed the mark, and maybe it’s about independence from us men. Maybe women are just sick and tired of us and want their own space. Ladies, what do you think?
Regardless, we think it’s great that there are more women home buyers.
And of course, do not hesitate to reach out if you are looking to buy a house in Massachusetts and need guidance from a proven and professional real estate agent. Also, consider taking a look at our blog for more real estate tips and tricks as you embark on your home buying journey.
