It may seem like a scene straight from The Handmaid’s Tale, but the truth is single women weren’t able to apply for home loans until the 1970s. To make matter worse, it took nearly ten years—1981 to be exact—for the Supreme Court to rule that unclassified women are legally subordinate to their husbands in terms of property ownership and control.
But oh, how the tide has turned.
Per a new report by LendingTree, single women who live by themselves are more likely to own a home than single men in 48 of 50 states. The online lending platform analyzed data from the U.S. Bureau of Labor Statistics and concluded that while women earn 83.1 cents for every dollar a man makes, women make up a larger share of the country’s homeowners, with them owning 2.46 million more homes than single men.
Single women own about 10.76 million homes, while single men own about 8.12 million. This is an incredible feat and real estate experts like Kristy Kalango are taking notice.
“I’m not surprised by the data at all,” Kalango said. She works as a realtor for DC-based Keller Williams Capital Properties and Coalition Properties Group, and said she frequently works with single women who don’t view their relationship as a hindrance to home ownership. In fact, it’s a non-factor.
“When I think about the women clients I support, they just don’t ever really mention the fact that they’re coming into the process with one income,” Kalango explained to ESSENCE.” She continued, “Honestly, I think it’s because women recognize the great financial investment that it is, and they understand the value it adds to their portfolio. So, they aren’t waiting for this traditional family unit or marriage to move forward with that. And it’s clear that they’re willing to work hard and make the sacrifices needed to make it happen, with or without a partner.”
While it’s clear that many women are confidently making the move into property ownership, there are some that may still need some encouragement. Kalango offered a few key pieces of advice to consider when starting the journey.
Consider leveraging the services of female real estate professionals.
“I say this to do this for peace of mind and also for contextual reference because it can be challenging to experience this momentous life event without female representation or speaking to women along your journey. So I would definitely say consider women.”
Seek out a real estate professional who has demonstrated a track record of holding solid vendor relationships.
“I offer this tip because with women, even outside of home ownership, you probably have heard the running joke ‘a woman going to get an oil change and then they tell her she needs this done this time, and it’s going to be $10,000.’ We see the same in real estate where we have women who are going into homeownership solo and they are concerned that they may be receiving unfair pricing. So my tip would be to seek out a real estate professional who has solid vendor relationships because they can connect them with great vendors who have been vetted and help them combat that and not have that concern or worry as they’re in the stick of their home buying process.”
To do this, she advises taking a look at the realtor’s social media presence, looking into their past client testimonials and even asking around about their work reputation.
Gain a deep understanding of your budget and your overall financial outlook.
“This move will prevent you from entering into a house poor situation, in which a buyer uses most of their earnings toward their mortgage and home-related expenses. As a solo home buyer with one income, you don’t want to bite off more than you can chew and stretch yourself too far.”
Kalango advises seeing a mortgage lender to kickstart the home buying process “because that mortgage specialist can pull your credit report that will be the most accurate depiction of your score’s standing.”
Go for it.
“The best time to buy real estate is right now. So even if your marital status changes, homes will likely appreciate over time no matter what. So if you decide to partner, then great, you’ll still have an appreciating asset on your hand. And for those who are interested in homeownership, I wouldn’t recommend waiting on a partner or waiting for a partner to achieve a personal goal. Bet on yourself. You’ll never regret that decision.”