All the single ladies … are buying property.
Indeed, a recent study found that single women are outpacing single men in homeownership.
This new trend has come as a shock to many — and is bound to have long-term effects on the financial market and generations to come.
Single women own roughly 10.7 million homes in America, compared to 8.1 million owned by single men, according to a recentanalysisfrom LendingTree that looked at 2021 census data.
The surprising development has spread nearly all across the country, with single women being more likely to own a home in 48 of 50 states — all but North and South Dakota.
This development was first noted by LendingTree in 2018, and experts are curious to see the full effect of the pandemic’s impact on home buying when more recent census data is released.
Women dominate ownership at the highest rates in southern states like Louisiana, Alabama and South Carolina, which typically have cheaper home prices.
Meanwhile, Florida, Delaware and Maryland reported the widest gender gap among single homeowners. The Sunshine State has a 4.55% gap equating to 262,000 more single women owning homes than men.
North Dakota and South Dakota, the sole states where single men own more homes than single women, are known to be homes to job markets saturated with male-dominated professions, such as oil rigging and construction.
This recent discovery has shocked many who note the financial and societal setbacks that women in America face. Research has shown that women are also more likely to be skipped over for promotions, not taken seriously at work and forced out of the workforce.
Women make an average of 83.1 cents for every dollar a man makes, according to the Bureau of Labor Statistics.
But women are continuing to make strides in other capacities. More women are enrolling and graduating from college than men — and some are defying the pay gap by out-earning men in 22 states across the country.
As women are working to catch up to (or finally surpassing) their male counterparts, they are taking measures to set themselves up for success, even amid a tumultuous housing market.
Buying a home is often touted as one of the best financial investments a person can make.
The average American homeowner who purchased a home in 2011 accumulated an average $225,000 in housing wealth by 2021, according to the National Association of Realtors in 2022.
On a more morbid note, researchers also pointed to women’s longer life expectancy explaining that the reasons for unequal homeownership vary by age group.
Despite the increasing rates of single women signing onto their dream home, the majority of owner-occupied homes in the US belong to couples.
This all comes as interest rates on mortgages are at an all-time high after years of millennials struggling to become homeowners.
As an expert in real estate trends and socioeconomic dynamics, I can attest to the significance of the recent surge in single women homeownership in the United States. This is not just a passing trend; it represents a fundamental shift in the real estate landscape with profound implications for the financial market and future generations.
The evidence supporting this transformative trend is robust, backed by a comprehensive study conducted by LendingTree, which analyzed 2021 census data. Single women now own approximately 10.7 million homes in America, surpassing the 8.1 million owned by their male counterparts. This surprising development has not been confined to a specific region; it spans across 48 of the 50 states, emphasizing its widespread nature. The data also underscores the noteworthy concentration of single women homeowners in states like Louisiana, Alabama, and South Carolina, where more affordable housing prices may be a contributing factor.
This revelation isn't entirely new; LendingTree first brought attention to this trend in 2018. The upcoming release of more recent census data is eagerly awaited by experts like myself, as it will shed light on the full impact of the pandemic on home buying patterns.
The gender gap in single homeownership is particularly pronounced in states such as Florida, Delaware, and Maryland, where a 4.55% gap translates to 262,000 more single women owning homes than men. Notably, North Dakota and South Dakota stand out as the only states where single men own more homes than single women, a phenomenon linked to the prevalence of male-dominated professions in these regions, such as oil rigging and construction.
This groundbreaking shift in homeownership demographics cannot be divorced from the broader challenges that women face in the United States. Studies have consistently shown that women encounter obstacles in the workplace, facing issues such as being overlooked for promotions, not being taken seriously, and, in some cases, being forced out of the workforce. The gender pay gap, where women earn 83.1 cents for every dollar earned by men, further underscores the economic challenges women navigate.
However, women are not just passive recipients of these challenges; they are actively working to overcome them. The increasing enrollment and graduation rates of women from college, coupled with instances of women out-earning men in 22 states, signify a positive trajectory. As women strive to narrow the gap with their male counterparts, the surge in single women homeownership becomes a tangible expression of their financial independence and determination to secure their future.
Buying a home, long considered one of the best financial investments, is a strategic move by these single women. The National Association of Realtors reported that the average American homeowner who purchased a home in 2011 accumulated an average $225,000 in housing wealth by 2021. This financial prudence is particularly crucial in the current housing market, which has experienced turbulence, including historically high interest rates on mortgages.
In conclusion, the rise of single women homeowners is not just a statistical anomaly but a reflection of shifting societal norms and economic realities. It is a testament to the resilience and strategic foresight of single women navigating the challenges posed by the housing market and broader gender-related issues in the workforce. As we await the latest census data, the full extent of this transformative trend and its long-term effects on the financial market and future generations will become even clearer.
