- Single women are no longer waiting to get married before pursuing homeownership.
- In 2021, more single women owned homes than single men.
- Owning is financially rewarding for single women like Megan Rowsey, whose home increased $100,000 in value in two years.
Single women aren't waiting for a spouse to buy a house.
More single women owned homes than single men in 2021, despite having a lower median household income, according to new data from First American. The homeownership rate among single female-headed households surpassed 53%, climbing from a low of 50% in 2016.
"In the aftermath of the Great Recession, the overall homeownership rate reached a low point of 63% in 2016, but has since rebounded to 65.5% in 2021," Odeta Kushi, First American deputy chief economist, told Insider. "Interestingly, single female-headed households are a major driver of the homeownership rebound since 2016."
In the last few years, more and more women have decided to pursue homeownership on their own. While many factors are attributed to the uptick, education seems to be a key driver. According to First American, the share of single female-headed households with a bachelor's degree or higher has increased 13.6 percentage points since the year 2000. However, regardless of educational background, homeownership has become increasingly important for single women as 65% now say they would rather not wait until marriage to buy homes.
"Getting married and having children have been shown to be key lifestyle decisions that increase the likelihood of homeownership, yet it seems single women are dispelling the traditional notion that buying a home follows love and marriage," Kushi said.
Purchase power is growing for female-led households
For women like Megan Rowsey, a 27-year-old single mother from Keller, Texas, pursuing homeownership has been a difficult yet rewarding process.
Prior to becoming a homeowner, Rowsey had dreams of sharing an income and owning a home with a spouse. She eventually realized an idealistic future was not promised, so she used her entire savings to purchase a $175,000 fixer-upper for her small family.
"For a long time, and even still if I am being honest, I would think of all the things I could do with dual income," Rowsey told Insider. "At some point though, I realized I was wasting time on an idea I was not guaranteed."
Tired of waiting, Rowsey settled into an affordable 1,017-square-f00t, 3-bedroom house. Since her purchase in 2019, the Texas home has increased in value to $275,000. In the years to come, Rowsey's investment is likely to generate notable wealth for her family.
"My daughter doesn't quite understand the magnitude of what I've done for us yet but when she is older and thinks back on this home, I really hope she manifests the I can do it myself attitude." Rowsey said.
More women are taking their future's into their own hands and pursuing homeownership by themselves. As they become homeowners, they are boosting their net worths regardless of income levels. According to First American, between 2016 and 2019, housing wealth was the single biggest contributor to the increase in net worth across all income groups. Kushi says that in 2019, the median homeowner had 40 times the household wealth of a renter.
"Women are increasingly choosing homeownership as a means of building wealth and financial security, and the greater independence that brings," Kushi said. "Homeownership is a primary driver of wealth creation in the U.S., and women are taking note."