How single women are transforming the housing market: A first-time buyer's story

USA Today

02-04-2025

How single women are transforming the housing market: A first-time buyer's story
Show Caption
Hide Caption
What are mortgage rates and how are they calculated? A Complete Guide
The basics of mortgage rates: Key factors explained
Before 1974, women couldn't secure a mortgage without a male co-signer.
Single women accounted for 20% of all homebuyers nationally in 2024; single men accounted for 11%.
Bria Myers, 27, described her experience as a first-time homebuyer as emotional but rewarding. Myers and other single women have made significant strides in the housing market, emerging as a growing segment of homebuyers and surpassing single men in homeownership rates.
Before 1974, women couldn't secure a mortgage without a male co-signer. That was before the passage of The Fair Housing Act's prohibitions against sex discrimination in housing-related transactions and the protections of The Equal Credit Opportunity Act.
Myers closed on her Detroit home this past October. She learned about Huntington Bank's "Home For Good" program, which provided down payment assistance, covered some closing costs, and eliminated private mortgage insurance (PMI), which protects lenders if the borrower defaults.
This encouraged her to move forward with homeownership.
'I started looking as soon I got pre-approved,' Myers said.
U.S. home ownership: Mortgage rates aren't budging. Americans are buying homes anyway.
"There are some amazing ways for first-time homebuyers to get into homes with very little out-of-pocket," said Joe Bigelman, branch manager and mortgage loan consultant of John Adams Mortgage Co.
First-time buyers like Myers also are benefiting from other initiatives to ease the financial challenges of homeownership. For example, the Michigan State Housing Development Authority (MSHDA), for instance, offers programs designed to assist first-generation homebuyers by providing down payment assistance and additional resources.
'Single women are increasingly investing in themselves, viewing homeownership as a powerful tool for building wealth and long-term stability,' said Jeanette Schneider, president and regional director of Re/Max of Southeastern Michigan. 'Many are willing to make financial sacrifices, prioritizing saving for a home over discretionary spending to achieve their goal.'
Outpacing single men
Today, single women have outpaced single men in home buying for over 40 consecutive years. According to the National Association of Realtors, they accounted for 20% of all homebuyers nationally in 2024, up from 19% in 2023, despite wage gaps and rising home prices. In contrast, single men have accounted for 7% to 9% of buyers in recent years.
'I'm happy with the house that I got. It's actually in the same neighborhood where I went to school as a kid. It feels like a full-circle moment,' Myers said.
Myers said she learned as a first-time buyer that compromises are often necessary.
'You're not going to get everything you want the first time around, especially with limited funds. The first house isn't usually the dream house, at least for me. This is a stepping stone to get me to my dream house down the road,' she explained.
Among first-time buyers, the presence of single women is even more pronounced.
In 1985, 75% of first-time buyers were married; today that share is just 50%. Meanwhile, single women first-time buyers grew from 11% in 1985 to 24% in 2024. In comparison, single men rose from 9% in 1985 to 11% in 2024.
Myers chose her home for its updates, including a new roof and solid mechanical systems.
'My inspector advised me to keep up with regular maintenance, and I was looking for a house with good bones that wouldn't be too much of a headache. Being in my 20s and not yet making a ton of money, I wanted something manageable.'
Initially hoping to purchase in Southfield, Michigan, Myers said she ultimately bought in Detroit because homes in her price range in Southfield required significant repairs.
'I love my neighborhood. It's super quiet and nice,' she said. 'I wanted somewhere that felt safe.' Her new neighborhood includes a community garden for fruits and vegetables and is near two schools.
Myers said her mortgage note is less expensive than her previous rent, and she now owns a three-bedroom home that's just over 1,000 square feet, with high ceilings, one and a half bathrooms, and a basement.
'I'm proud of myself for taking the leap and creating generational wealth for my future family,' Myers said.
Schneider added that with higher levels of education and career success, women are gaining the financial independence to purchase homes while also using real estate as a means to help close the gender wealth gap.
Schneider offered this advice for home buying success:
1. Take control of your finances
Before you start house hunting, consult a lender to determine what you can afford. Make sure to leave enough room in your budget to maintain the lifestyle you may be used to.
2. Think long-term
Consider how the home will meet your future needs. How long do you plan to live in the home? Will it adapt to potential lifestyle changes? How will its resale value hold up?
3. Create a support team
Work with a trusted real estate agent to help navigate the market, negotiate effectively, and secure the best deal. Select a reliable lender to explore mortgage options and financing programs, especially those designed for first-time or single buyers.
4. Protect your investment
Obtain a thorough inspection and safeguard your home with a warranty to cover unexpected repairs. Ensure your homeowners' insurance is comprehensive and consider setting up an estate plan for added protection.
Brendel Hightower writes about real estate and other topics for the Detroit Free Press. Contact her at [e-mail]. Support local journalism: Subscribe to the Detroit Free Press.