According to the National Association of Realtors, single women are purchasing homes at nearly twice the rate of single men-last year, 18% of homeowners were single women, versus 10% single men.
There’s been a cultural shift in the last couple of decades with gender in the workplace-we’re seeing more women in workplace leadership roles, which leads to greater financial earning power. This translates to greater ability to purchase a home-single women have the credit and the finances on their own to make this purchase.
Another group of single women taking the housing reins, in addition to young and emerging professionals, are the single moms-Pew Research Center just released a study that found that in 40% of households, women are the breadwinners. And two thirds of that percentage is made up of single moms.
Homes are attractive, valuable assets-investing in a home is a great way to build equity and long-term financial well-being.
Michigan Mutual’s numbers match the national trends-17% of our homebuyers for 2012 and year to date 2013 are single women.
Overall, single women are more willing to embrace the process of mortgage education. They are very engaged throughout the entire process, they want to know what’s happening and what it all means.