Single women, the second largest group of home buyers behind married couples, account for nearly 18% of all buyers. Last year they far outnumbered single men who made up just 7%, according to the most recent NAR Profile of Home Buyers and Sellers.
I've helped several single women purchase homes and have been there myself — I bought my first condo alone nearly 15 years ago. I wanted to know what motivated other women so reached out to friends, family and former clients to find out why they decided to buy solo and what advice they would give others. Read the complete Q&A blog post here. Read their top 5 motivations for buying here:
Top 5 Reasons Women Choose to Buy
1. Make a Smart Financial Move
A top reason cited by women looking to buy is financial. Specifically, they state a desire to "stop throwing away money on rent" and to build equity in asset ownership. Tax breaks benefiting home owners are also motivating.
2. Get Away from Apartment Life
The constraints and inconveniences of renting in a shared space can be trying. Complaints of apartment life include concerns over noisy neighbors, shared walls, lack of privacy and limited parking. Owning a home, especially a single-family house, affords more control over noise and privacy with less worry over bothering the neighbors (or them bothering you). It can also mean having predictable and secure parking options — convenient for having guests, navigating snow emergencies and safer when parking alone at night.
3. Enjoy Personal Outdoor Space
Many women desire outdoor space — a private yard, a place to garden, or enough room for a dog. Though the city parks and paths provide plenty of options, they're never quite the same as having an outdoor sanctuary all your own.
4. Make Your Own Design Decisions
Wanting the freedom to paint, decorate and make changes without having to ask permission is a common theme for home buyers. It can be frustrating to live within the confines of a rented space for this reason and others. Owning allows you to paint, replace, knock down and build out as you wish which can be quite satisfying. And, the money and time spent improving your space is usually not wasted — smart improvements add value to recoup when it's time to sell.
5. Have Something to Call Your Own
Cultivating the feeling of ownership and accomplishment brings pride, confidence and joy. It just feels good to have a place of your own. Whether it comes from reaching your goal or creating a space that's uniquely yours, the positive sentiment can often be reason enough for wanting to buy a home.
Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on a variety of real estate related topics including buying and selling, market conditions, homeownership trends and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.