As that beloved song by Aretha Franklin and the Eurythmics from 40 years ago reminds us, sisters are doin’ it for themselves – and in increasing numbers when it comes to homebuying, fresh data suggest.
Indeed, a greater portion of single women are buying residences nowadays than years ago. Considering that women continue to make less than men, on average, that’s an impressive feat, although buying as a solo female has its risks and challenges.
Let’s take a closer look at what the latest numbers show and what factors the experts attribute to this trend.
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What new research reveals
A recent National Association of Realtors (NAR) survey found that the share of single women buying homes has nearly doubled in the last 40 years. That’s true even though their earnings typically remain lower than income for men.
Today, women represent one in five (20%) of all homebuyers – up from 11% in 1981. Plus, they comprise nearly a quarter of first-time home buyers. Among all home purchasers, 62 percent are married couples, 20 percent are single women, and eight percent are single men.
Interestingly, the share of single women who sold their homes slipped a bit last year to 18 percent versus 69% among the share of married couples.
Ponder that a significant gender pay gap persists, which makes it more challenging for many ladies to purchase homes alone. In 2024, a Pew Research Center analysis of median hourly wages for full- and part-time workers found that women made, on average, 85% of what men earned. Still, that’s an improvement from 2003, when that figure stood at 81%.
What’s behind this trend
Holly McDonald, a Realtor with Compass in Costa Mesa, California, isn’t surprised by these findings.
“I can speak from personal experience for myself and many of my single girlfriend clients: Many working women today are independent and financially savvy and don’t want to put their plans on hold to buy a home,” she says. “They see real estate as a smart investment – better than wasting money on rent, and many of them make high wages to support this decision.”
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Jessica Lautz, deputy chief economist and vice president of research for NAR, agrees.
“Single women prioritize homeownership,” Lautz explains. “These women are determined to own their own home and will make financial sacrifices, including moving in with family or taking a second job, to save for a home.”
Lautz adds that females want the financial stability and monetary gains that come with homeownership.
“As homeowners, women remove the unknowns from their living situation – such as whether the rent increases or they must move due to a landlord selling the property in which they reside.”
Karen Heston, vice president and senior mortgage banker at Bank of Oklahoma, is encouraged by the fact that so many women nowadays have the ability and knowledge to purchase a home on their own without requiring a partner.
“We have more resources to learn and understand finances, and there are no longer the legal restrictions that previous generations of women faced regarding personal finances,” she notes.
Pros and cons of buying a home as a single woman
One of the best perks of solo homeownership is the ability to build wealth on your own.
“As a homeowner, you can build equity in your home that you can tap into when needed. Homeownership also offers financial stability. As opposed to renting, mortgage payments stay the same, so you don’t have to worry about potential payment increases as you do when renting, unless you choose to pay extra when you can afford it,” says Darcie Gore, executive director and senior lending manager at Chase Home Lending.
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Of course, one of the biggest benefits of purchasing a home as a single female is the sense of pride you feel doing it on your own.
“You get to choose the home, the timing, the location, all on your terms,” says Jenna Stauffer, broker and global real estate advisor with Sotheby’s International Realty in Key West, Florida. “That kind of confidence carries over into other parts of life.”
On the other hand, flying solo may not have a financial fallback if you lose your job, as a dual-income couple would.
“These buyers may need to have more funds in emergency savings,” recommends Lautz.
Also, you only get to use one income when applying for a mortgage loan. When you apply with a partner or spouse, your combined income results in greater purchasing power or a lower debt-to-income ratio that can make the transaction more affordable and easier to qualify for financing.
Challenges and risks single women purchasers face
As mentioned earlier, the gender pay gap remains a sobering reality that can affect how much you can afford as a bachelorette.
“Being a single female, there may also be subtle biases during the lending or negotiation process. That’s why it’s important to work with people you trust, including a lender and real estate agent. Ask questions when shopping around for these experts and really advocate for yourself,” advises Stauffer.
There’s also the issue of finding a home in a neighborhood you feel safe living alone in. And you’ll be responsible for maintenance, upkeep, and repairs of the home yourself, although you can always hire experts for these tasks.
How single women can improve their buying odds
To up your chances getting a mortgage loan and affording a home, it’s smart to work on improving your credit.
“Reduce your debt, keep your credit card balances low, make timely payments, and limit opening any new accounts to improve your credit scores,” Heston suggests.
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Lautz seconds those sentiments.
“Single women should take the same steps as all first-time home buyers, such as working to lower their debt-to-income ratio and building up financial reserves,” Lautz advises.
One creative strategy that can help here is co-habitation.
“Consider purchasing a residence with more than one bedroom and renting out a spare bedroom within your home,” Lautz continues.
McDonald can vouch for the effectiveness of this strategy.
“When I was a single female buying my first place, I got a two-bedroom home with dual suites so I could easily bring in a roommate,” she says. “I know other people who rent rooms out as well. This income can help offset the mortgage. If you get a very stylish place, you may even be able to rent it out for social media campaigns or influencer shoots.”
Also, think outside the single-family home box.
“Buying a duplex or triplex can be a smart move; you can live in one unit and rent out the others to help cover the mortgage,” says Stauffer.
It’s crucial to be thrifty and save enough for the down payment, which can enhance loan affordability. Work with your real estate agent to find down payment assistance programs for which you may qualify for.
“Another effective tactic to secure your dream of homeownership is to ask for a gift or loan from a relative or friend for the down payment,” adds Lautz.
If necessary, convince a parent or loved one to be a co-borrower or co-signer on the loan, which can dramatically increase your chances of getting loan approval if you have creditworthiness issues and wouldn’t qualify otherwise.
The bottom line
Purchasing a property independently as a bachelorette is not only doable, but it’s also empowering and financially smart, assuming you can afford homeownership. Take the time to learn what’s involved with the buying and mortgage borrowing process, and turn to trusted professionals like a local experienced Realtor for help.
Lastly, remember that you’re not alone, and your numbers are growing. Lautz and others believe an even larger share of single women buyers will be claiming homes in the years ahead.
“Single women are likely going to continue to be a force in the home buying market since they have outpaced men and have been second only to married couples in more than 40 years of NAR data collection,” she says.
