There's just nothing like that special feeling when a single girl finds a home to love and cherish 'til death do them part. Last week, we wondered if home ownership was still a part of the American Dream. Well, it looks like, at least among women, real estate is gettin' real.
Nationwide, 16% of homebuyers are now single women, versus single men, who make up just 9%.
So why the widening gap? Are women simply more financially practical? Prone to nesting? Maybe they just don't feel like waiting. The average age for women to get married is now 27 (in 1990 it was 23). But men are also putting off marriage at nearly the same rate (rising from 26 to 29 in the same period), so why are women the ones picking out paint colors for their own(ed) walls?
It could be due to the fact that the ever-present income inequality between men and women is (slightly) shrinking. Although nationally, women make just 76.5 cents for every dollar earned by a man, among 25-44 year-old women, that number rises to 81 cents.
The New York Daily News recently profiled three such successful, gainfully employed, single young women who have all recently taken the plunge into NYC apartment ownership. They all cite the fact that, rather than biding time renting until they get married, they were ready (and financially able) to take this life step on their own. For these three, investing funds previously allocated to rent into home equity was simply a smart decision, single or not.
Way to be, ladies.