Fayetteville Arkansas, University of Arkansas--Old Main Overview

Fayetteville Arkansas, University of Arkansas--Old Main Overview
Overview of Fayetteville, AR

Monday, March 26, 2007

Women Buying Homes in Record Numbers

A majority of American women now live without a spouse according to a New York Times analysis of U.S. Census Bureau data. In other words, 51% of adult women in this country are on their own.

Though married couples continue to dominate the market, single women now purchase approximately 22% of all homes bought in this country. Single men constitute only 9% of home purchases.

I found that number surprising but looking a little deeper, it isn’t surprising at all. Today’s women are better educated than ever before. Women college graduates outnumber men 57 to 43. Women are more confident, earn more money, and are becoming increasingly sophisticated about financial matters. Many women wisely see homeownership as the best way to reach financial stability and security.

It wasn’t too many years ago that single women were basically shut out of homeownership because lenders did not want to grant mortgages to them. Now lenders offer a variety of non-traditional mortgage products to encourage women to become homeowners.

Outreach programs by Fannie Mae and Freddie Mac have helped first-time homebuyers and minorities get into their own homes. For example, divorced women are frequently given first time buyer status, thus making low down payment or subsidized loans available to them even if they owned a home in the marriage.

Child support payments can now be counted as income, which boosts the ability of many newly single parents to qualify for a mortgage.

Even recent college graduates are finding mortgages that enable them to become homeowners with only a small cash down payment.

And, women have discovered they don’t need a husband to put up a shelf or paint the living room. Thanks in part to large home improvement stores that offer classes on how to do just about anything to do-it-yourself television programs, women have become empowered. They are willing and able to take on projects their grandmothers would never have considered.

I frequently help single women purchase homes. I bought my first home in 1975, back in the days when single women rarely bought homes, and it was one of the best investments I ever made. Whether it’s your first home or you’re moving up, I will be happy to help you do the same. Call me at 479-966-0435.

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