For most people, homeownership represents independence, security and the beginning of wealth building.  Homeownership has become more than just a dream for many women.  According to the National Association of Realtors (NAR) women are not only the fastest growing segment of homebuyers, but they account for one-third of all condominium purchases and they're buying a greater percentage of second homes more than ever before.  NAR research indicates that, in fact, single women buying homes are outperforming single men as first-time home buyers at a rate of about two-to-one over the past five years.

Preliminary data from the NAR notes that in 2002, approximately 18% of all first-home buyers in the U.S. were single women while just 9% were men. Those numbers are up from 2001 tallies, when single women constituted 15% of the home-buying market and single men constituted only 7%.  Twenty years ago, a woman might have said, “I think I'll wait until I get married to buy a home,” but today that's not the case.

Why are so many women buying homes?

For many women, homeownership represents security and progress.  “They obviously see a home as a sound investment," says Walter Malony, industry-trend specialist for the NAR. “It's also far easier for single women to get a mortgage now than it was two decades ago.”

According to the NAR, the majority of real estate agents and brokers in the US are women, making it more likely that women work with other women to increase homeownership.  As women increasingly get married in later years now than ever in history, they are also no longer waiting to get married before they become homeowners.  In addition, low interest rates and low down payment programs are fueling this increase.  Flexible underwriting and the Federal Housing Administration’s push to allow single parents to count child support as income has helped as well.

This phenomenon is not just limited to the US.  In Great Britain, the same segment is forsaking the rental market for their own homes at an even higher rate.  More than 21% of first-time home buyers in the U.K. in 2002 were single women, according to Her Mortgage, which specializes in women home-buying services.

Realty Check

Women also realize the uncertainties of the renters market with fluctuating rent prices and diminishing of subsidized housing provisions, which make home ownership an attractive option.

Is it really possible for YOU to own a home?

Faced with the real estate market’s current hyper-inflated prices, many women wonder if homeownership is still possible.  The answer is an emphatic yes!  Most first time home buyers who are single may want to consider a townhouse or condominium as a first time buy. These real estate properties are usually managed by an external company that takes responsibility for maintaining the grounds and all property extending outside of your home, reducing the burden and cost of homeownership.  Please note that, in addition to your mortgage, you will, in most cases, be subject to a monthly maintenance fee.

Urbanites that prefer to remain in the city should check into new construction or remodeled properties.  Developers receive special tax credits and incentives when they price a percentage of these properties for middle to low income home-buyers.  Don’t be afraid to ask questions.  Many of them will sit down with you and explain their guidelines and requirements.

Check the planner’s office in your local city.  Many of them maintain plans for areas that will be developed over the next 5 or more years.  You may discover an area that is going through the beginning stages of redevelopment.  Housing prices are usually below market rate in these neighborhoods.  If you are flexible and willing to look beyond highly sought after real estate in popular neighborhoods, you are sure to find a home you can afford.