Women in the U.S. have made lots of sacrifices during the COVID-19 pandemic. But when it comes to building a better future for their families, they're not slowing down.
According to the National Association of Realtors, single women have always been second to married couples in terms of who is buying homes. But single women are now buying homes at double the pace of single men, even though they historically make less and sacrifice more financially to make it happen.
"That's a good long-term investment for themselves because they know exactly what their mortgage is going to be for the next 30 years and they're not at the whim of a landlord who may increase their rent next year, or ask them to move," said Jessica Lautz of the National Association of Realtors. "So, this provides stability and not only for themselves but also for their family."
Single women buy homes faster because they're often the caregivers of children or aging relatives. They want stability, but they also want to be close to family and friends.
"That provides wealth stability for her family, maybe that means better school districts," Lautz said. "But it also means if she earns equity in that home, maybe she can help pay for college later on in the future, or actually give them a loan for a down payment when they go to purchase a home as well."
In terms of income, single women homebuyers typically make around $65,000 a year, while single men who buy homes make nearly $80,000. That leaves women more likely to cut down on spending, take on a second job or cancel vacations so they can afford a down payment.
When it comes to the value of the home single women end up buying, it's not too far off from the value of homes purchased by single men.