Published by CNBC | January 29, 2022
Society tends to dictate a certain chronology for life events — first comes marriage, then comes buying a home.
Nearly two-thirds of single female prospective homeowners said they would rather not wait until marriage to buy a home, according to a recent study. What’s more, 30% of current female homeowners purchased their homes while they were single.
“With the delay in getting married and starting families, I think it’s logical that 65% of single prospective homeowners would choose to be homeowners without having to get married first,” said Kathy Cummings, senior vice president of homeownership solutions and strategic relationships at Bank of America, of the study finding.
To be sure, buying a new home can be a challenge in the current market due to limited supply, high prices and rising mortgage rates. The median existing home price in the U.S. was $358,000 in December, a 15.8% increase from $309,200 in December 2020, according to the National Association of Realtors.
The BofA survey found that 80% of women are excited about the idea of buying a home on their own, while 92% said it would be a great accomplishment.
What’s more, 60% of prospective female homebuyers said they will feel like they’ve made it when they buy their own home, versus 52% of single men. Almost half of current single women homeowners — 46% — said they were proud to tell other people about their homeownership status, compared to just 35% of their single men counterparts.
Single women also are learning the important lesson that owning a home can be a way to help increase your wealth.
While some women may feel that buying a home on their own is beyond them, that’s just a myth, Cummings added.
“I don’t think women need to be limited any longer by the old mindset that you have to be married.”
–Kathy Cummings
Other common misconceptions — that you have to have a 20% down payment, perfect credit and no student loan debt — may also hold some women back. Bank of America and other financial institutions offer financial products that enable prospective homebuyers to obtain financing with as little as 3% down, Cummings said. There also may be grant funding available depending on your income and other circumstances.
Having a solid credit score will help you get a better deal. But there are options available for borrowers with lower scores, though they tend to come with higher costs. The key is to do your research and find out what’s out there, Cummings said.
