Single and In The Market
The Denninger Report - by Gini Denninger
With the trend toward later marriages and the single lifestyle, there are more single people, especially women, buying their own homes than ever before. Today, more single women buy homes than single men! In the past it was assumed women would buy their homes with a spouse, but as society changes so do social norms. Prior to the 1980’s when the Equal Credit Opportunity Act preventing discrimination based on marital status or gender was passed, the idea that a single woman would buy a home was considered unusual and was often financially difficult if not impossible. Times have changed. So much so that Kristen VanDen Brul, of RE/MAX Plus, estimates that in the last three years, single buyers have increased to become between 25-30% of her clientele.
Today’s single women, those that never married, are divorced or widowed, are becoming more eager and open to finding a home that they own and control. I bought my home as a single woman years ago and still remember the excitement and fear as I went through the transaction. Ok, so I was buying a huge Queen Ann Victorian that had not been lived in in years, and was so derelict my best friend looked at me and asked: “Are you crazy?!” I am happy to report that it has since been restored almost completely to its previous glory and I love the house! When I talk with single women who have come to me for help to buy their home, I always reassure them that this is a good move! That they will feel empowered and in control of their life. Buying my own home changed my perspective on many things both on a personal as well as financial level.
One of the primary advantages of owning a home is that a person invests in themselves. They are not paying rent to another entity, and can in most cases, plan that their monthly mortgage payment will come back in some form when the property is sold. After all, if they sell the property for what they paid for it and all sale expenses, they get back more than what they would after living in a rental for the same time period.
Another advantage of owning is personal control over ones living environment. I can paint and decorate my home anyway I want, barring not having an HOA in the way - my house is teal!!! And there is no one to dictate to me whether I can have a dog or dogs, I have three!!! Another advantage important to me, is the knowledge that no one could tell me to move out of my home because they decided to not renew my lease. The only way I move is if I “decide” not to pay the taxes or mortgage or sell my home.
Read Part 2 >>