The Impact of Homeownership on Women’s Financial Security and Independence
As we observe Women’s History Month, it’s important to recognize the influence of women in the housing market. For several years, single women have been purchasing more homes than single men, and they represent 17% of all households. But why is homeownership so crucial for women?
Why Is Homeownership So Important to Women?
Apart from making an impact on the housing market, homeownership has numerous personal and financial benefits. Housing is a crucial factor in creating wealth for single women, with homeownership being the most significant component of their wealth. In the past 30 years, the average wealth of a single woman has risen by 88% on an inflation-adjusted basis, with housing remaining the most significant contributor.
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.
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):
Bottom Line
Homeownership can be life changing no matter who you are. Let’s connect today to talk about your goals in the housing market.
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