Why Are More Solo Women Buying Homes?

Beyoncé may be in her country music era, but we’ll never forget her classics – like “Single Ladies.” And in honor of the music icon’s 2008 smash hit that empowered girls around the world, we’re diving into the growing trend of solo women achieving homeownership.

According to the latest National Association of REALTORS® Profile of Homebuyers and Sellers, 19% of homebuyers in 2023 were single women – and 10% were single men. The percentage of solo women buying homes was up 2% from 2022.

Interestingly, 2023 also saw the lowest share of married couples purchasing homes – 59% – since 2010. This data begs the question: Why is single female homeownership a growing trend? And why now?

Real estate agents say it could be a combination of factors.

“I’m seeing many prospective single female homebuyers enter the market, and I meet many single female homeowners as well,” shares Tiffany Johannes, General Manager and Broker of RE/MAX Executive in Charlotte, North Carolina. “I often find that single females are focused on building generational wealth as they climb the corporate ladder. Single females are focused on making their own way and often boast plenty of confidence in purchasing their house.”

In his Louisville, Kentucky, market, Josh Jarboe – Broker/Owner of RE/MAX Empire and Co-Founder of Motto Mortgage A2Z – notices the rise in solo women locking down real estate as an investment in their wellbeing – physical, mental, and financial.

“Women are increasingly achieving higher levels of education and career success, affording them the financial independence to purchase homes on their own,” he says. “Additionally, societal shifts have led to more women delaying marriage and choosing to invest in property as a long-term asset.”

Women of all ages account for the growing percentage of solo female homebuyers. The group includes women seeking an investment, those looking to accommodate multi-generation living, newly single women after a death or divorce, and much more.

“Moreover, single women may prioritize homeownership for stability and security, particularly if they have children or are planning for the future,” Jarboe adds. “As an experienced real estate Broker/Owner, I’ve assisted numerous single female homebuyers in recent years. Each client’s journey is unique, but a common theme among them is the desire for autonomy and a place to call their own. From first-time buyers to seasoned investors, these women are making informed decisions and confidently navigating the real estate market to achieve their homeownership goals.”

How does the financial component of homebuying differ when going through the process solo?

All homebuyers want to feel confident with how much house they can afford – whether solo or co-buying with a spouse, family member, friend, or investment partner (and a 2024 survey from RE/MAX discovered the ways today’s buyers are getting creative to ensure affordability in their real estate journeys).

“Purchasing a home alone presents unique considerations compared to buying with a partner – one significant component is the financial aspect. Solo buyers rely solely on their income and savings to qualify for a mortgage and cover all associated costs, whereas couples may have dual incomes and combined savings to leverage,” Jarboe explains. “This can influence the price range and type of property a solo buyer can afford.”

Johannes shares how her process of educating customers on the power of their money in any given market conditions is the same regardless of how many stakeholders are purchasing a home.

“When I work with homebuyers, I show them the math. I break down all the costs associated with homeownership, and then look at appreciation that continues in many of our markets due to the lack of inventory,” she says. “Although I expect rates will decline slightly between now and the end of the year, buyers are looking at the upside of equity gain as they strategize the right move for them at the time. Improved interest rates can be captured as they occur after achieving homeownership through refinancing.”

Fluctuating factors, like housing inventory and interest rates, continue to be a hot topic in regards to navigating the current real estate market.

“Even with mortgage rates no longer at historic lows, homeownership for solo buyers can still offer financial advantages compared to renting. With a fixed-rate mortgage, buyers can secure predictable monthly payments, avoiding potential rental increases,” Jarboe says. “Homeownership also builds equity over time, providing long-term financial stability and potential tax benefits.

“Overall, despite higher rates, buying a home can still be a financially savvy choice for solo buyers.”

What else differs (or doesn’t!) when solo buyers are shopping for a home?

A benefit to solo buyers is having to take only their own wants, needs, and design choices into consideration when perusing properties.

“Solo buyers have full autonomy over preferences, priorities, and timelines without the need for consensus from a partner. This can streamline the decision-making process,” Jarboe says. “But it also places more pressure on individual choices.”

He adds, “There may be differences in emotional support and logistical considerations, too. While a partner can provide emotional reassurance and share the responsibilities of home searching, financing, and moving, solo buyers may need to rely more heavily on their real estate agent, family, or friends for support throughout the process.”

That’s the benefit of working with a trusted real estate agent: having a local professional provide expert insights on what makes the most sense for your unique circumstances. After all, no two buyers have the same parameters – but experienced agents are equipped to help everyone. What’s helpful: RE/MAX agents have more real estate sales experience than other real estate agents. Plus, they can recommend local providers for other essential services, like mortgage lending.

“If you are thinking of buying a home in the near future or further down the road, take the time now to sit down with a real estate agent and strategize what makes sense for you,” Johannes says. “Agents are expert advisors who can help find the right path to homeownership for you. The work entails so much more than just touring homes! It’s never too early for that first consultation.”

Haley Larson, an agent with RE/MAX The Collective in Yakima, Washington, has helped two solo women homebuyers just in the past month. Like Jarboe, Larson also advocates for single buyers to bring along a friend or family member when viewing homes and weighing the potential pros and cons of each.

“When considering different properties, any extra set of eyes are helpful. This is especially true for first-time homebuyers to feel more confident in their decision,” she says.

While there may be variations in how one determines affordability, shops for a home, or addresses maintenance tasks as a solo buyer or partnership of homebuyers, one thing is the same: the idea that so much of a person’s life revolves around their home.

“A home serves as a sanctuary for all, regardless of family structure. Whether it’s a single person or a multi-generational household, home provides a sense of safety, belonging, and connection. It’s where individuals find comfort, express themselves, and create lasting memories with loved ones,” Jarboe says.

“Ultimately, the essence of home lies in the warmth and love it offers to those who inhabit it, transcending any particular family arrangement.”

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