Single women are leading the way in homeownership, research shows | Home Front

Real estate brokerage has, for many decades, been an industry in which women not only represented a majority of practitioners, but also the majority of top performers. One of the most rewarding aspects of my long tenure in this field has been witnessing the financial independence and empowerment of those with whom I’ve had the privilege of working based solely on talent and commitment, an opportunity often lacking in other industries. It’s therefore heartening to see a similar trend in home ownership.

Recent studies and articles have illuminated a trend that’s as encouraging as it is groundbreaking – more women are becoming homeowners, a clear indicator of their increasing financial autonomy and long-term security. I see it daily in our markets in the customers our team as well as other brokerage firms represent.

Statistics from the Urban Institute reveal a profound shift in the past 30 years: the homeownership rate among women has leapt from 50.9% to 61.2% between 1990 and 2019. The trend cuts across all demographics, underscoring women's strides in the housing market but also in society at large.

Women’s higher education levels and their continuous percentage growth in the labor market have directly contributed to this ownership uptick. In a heartening twist, this rise in property acquisition by women is emerging as a symbol of progress, one that challenges historical disparities and promises greater economic resilience.

Pew Research Center's insights add another layer to this narrative: single women are leading the way in homeownership compared to single men. Despite earning less on average, too often an unfair legacy, single women owned 58% of the nearly 35.2 million homes owned by unmarried individuals in 2022. Their ability to overcome financial hurdles to secure a home is noteworthy and speaks to the determination and prioritization of homeownership among women.

LendingTree further emphasizes this point, indicating that single women own 2.71 million more homes than single men in the United States. This margin is not just a data point; it's a testament to the shifting tides of financial priorities and capabilities among women.

Yet, it’s crucial to approach this trend with nuance. Ownership rates among single women are more a reflection of demographic dynamics than economic advantage. Women, especially in their mature years, are more likely to be homeowners partly due to longer life expectancies and historical marital patterns. This doesn't diminish the achievement; rather, it grounds it in reality, reminding us that the journey towards equality in financial domains is ongoing.

The significance of this shift transcends the realm of property rights. Owning a home is emblematic of stability and wealth building, crucial for anyone's financial future. For women, who have traditionally faced economic and societal barriers, homeownership is a tangible expression of independence. It’s not just about the bricks and mortar; it’s about what they represent – a safe space, a wise investment, a personal sanctuary, and, above all, a self-afforded privilege that had once been a distant dream for many.

As we move forward, it is imperative that the gains in female homeownership are not merely celebrated but also advanced. While the current trajectory is promising, the persisting income and wealth gaps highlight that there is still ground to cover. On the heels of the 50th anniversary of the landmark Equal Credit Opportunity Act, which prohibited the common practice of discrimination in extending credit based on sex and marital status, we are reminded of the importance of removing all forms of bias in homeownership to ensure all are on a level playing field.

The rise of women homeowners is a beacon of progress, signaling a new era where financial security and independence are not just ideals, but realities forged through the power of ownership.

Budge Huskey is chief executive officer of Premier Sotheby’s International Realty.

This article originally appeared on Sarasota Herald-Tribune: Pew Research: Single women are leading the way in homeownership