More single women are buying homes than single men in growing real estate trend
SACRAMENTO — Single ladies are setting a new trend in the Sacramento region. They're part of a growing number of people purchasing homes for the first time.
Sharon Smith is a first-time homebuyer. She's moving into a three-bedroom two-bath home in Sacramento.
As a single woman, Smith is part of a growing trend in the real estate marketplace.
Anna Stender with Big Block Realty North said an increasing number of women can now afford to purchase a home by themselves. She added that 30% of homebuyers her company helped purchase a home were single women while single men accounted for 18%.
"Gender roles are shifting," Stender said. "More women are in the workforce."
Stender said it is also a good way for women to build wealth.
"They're making wise and attainable investments in themselves and their future," she said.
Research by Maxwell shows more than half of single women buying homes are under 35. Most have a college degree, and 39% are people of color. Around 40% say rising rental costs are what prompted them to buy.
That's what finally drove Smith to make a purchase. Her landlord increased rent by about $200. She said the financial commitment to becoming a homeowner is still a little intimidating.
"It was like, 'Oh my goodness. I really am going to have that loan on my credit.' That's a high amount," she said.
For Smith, who has a master's degree and a full-time government job, it's about showing others that you don't have to be married to move into a place of your own.
"More women are becoming educated. More women are becoming more independent, and I believe that that's a positive," she said.
Real estate experts say sales in the region are currently about 40% below average, but the number of homes being offered for sale is starting to go up, which could help people who have been waiting to purchase.