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All The Single Ladies
In 2023, single females ranked second only to married couples as the largest group of recent home buyers. 31% of single female homeowners were Gen Z, surprisingly outranking married couples in this population.1
It wasn’t long ago that women weren’t able to secure credit cards in their own names. Since a 1974 shift in legislation, they haven’t wasted time in capitalizing the opportunity to build and leverage their independent credit.
While all people are created equal, when it comes to homeownership, there are things to keep in mind when purchasing as a single person. Here are a few hints for singles to keep in mind as they consider joining their growing number of peers in homeownership:
- Have strong credit. Check your scores regularly and take action to address any errors or deficiencies (think, pay bills on time and keep credit balances at, or less than, 20% of the credit available).
- Explore your financing options. Not everyone has major cash reserves available for down payment and closing costs. There are a variety of loan options available, and a good lender will help you explore the best options.
- Mind your debts. Keep existing debts at a minimum, pay off what you can, and don’t many any large purchases that would increase your debt or impact your credit rating.
- Consider a cosigner or co-borrower. It never hurts to enlist the help of another person to strengthen financial credibility and creditworthiness.
- Look ahead. Visions of window dressings and furniture layouts are probably top of mind but be sure to also plan for future maintenance and replacements the house will need over the life of the loan.
Buying a home is exciting at any stage, and “status,” of life. If you’re single and ready to mingle with a lending team, we know some great originators happy to help.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All loans are subject to loan guidelines and approval.