| Celebrate Women’s History Month with a look at women and homeownership. |
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Celebrate Women’s History Month with a look at women and homeownership, from the progress they’ve made in recent decades to the challenges still facing female homebuyers today.
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![Women are a growing force in homeownership, up from 50.9% in 1990 to 61.2% in 2019[1]](./mp-mar22-preview_files/Market-Perspective-Mar-2022-2.png) |
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![Did you know? Women could not get a mortgage without a male co-signer until the Equal Credit Opportunity Act (ECOA) was passed in 1974?[2]](./mp-mar22-preview_files/Market-Perspective-Mar-2022-3.png) |
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![Today, single women represent the second- largest share of homebuyers at 19%[3]](./mp-mar22-preview_files/Market-Perspective-Mar-2022-4.png) |
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![Yet 60% of single female head-of-household renters feel they will never be able to afford a home.[6]](./mp-mar22-preview_files/Market-Perspective-Mar-2022-5.png) |
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![Homeownership obstacles for single women include not enough money for downpayment or closing closts, mortgage would be higher than rent and don't know how to start the process[6]](./mp-mar22-preview_files/Market-Perspective-Mar-2022-6.png) |
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![Women accounted for 53% of workforce exits in the first year of the crisis, with many leaving the workforce due to caregiving responsibilities.[7]](./mp-mar22-preview_files/Market-Perspective-Mar-2022-7.png) |
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![And the gender pay gap persists: Women make 84 cents for every dollar men earn.[8]](./mp-mar22-preview_files/Market-Perspective-Mar-2022-8.png) |
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Despite these hurdles, women remain strong candidates for homeownership.
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![Data shows that compared to single men, single women have lower delinquency rates and larger down payments[9]](./mp-mar22-preview_files/Market-Perspective-Mar-2022-9.png) |
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![Women Have Their Sights Set on Homeownership: 80% of women are excited about the prospect of owning a home[5]](./mp-mar22-preview_files/Market-Perspective-Mar-2022-10.png) |
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Increasing affordable housing, improving access to credit, and ramping up buyer education are just a few ways we can empower more women to achieve the wealth-building power of homeownership.
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Want to talk more about the opportunities and trends in today’s housing market? Contact me!
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Sources:
[1] 1990 Decennial Census and 2019 American Community Survey, as reported by Urban Institute, March 16, 2021. [2] Experian, “Women and Credit 2020: How History Shaped Today’s Credit Landscape,” February 28, 2020. [3] National Association of Realtors®, 2021 Profile of Home Buyers and Sellers. [4] Freddie Mac, “Are Single Female Homebuyers on Your Radar? If Not, They Should Be,” July 11, 2019. [5] Bank of America consumer survey, as reported by Business Insider. [6] Freddie Mac, “Survey of Single Women Finds Low Confidence in Homeownership Prospects,” October 13, 2021. [7] Capital One, “COVID-19 Pandemic Heightens Financial Challenges for Women,” September 27, 2021. [8] Pew Research, “Gender pay gap in U.S. held steady in 2020,” May 25, 2021. [9] Urban Institute, “Women Are Better than Men at Paying Their Mortgages,” September 2016. |
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