Single Women Buying Homes at Record Pace

It’s a trend that is reversing the traditional pattern, single women are becoming homeowners at a rate never seen before, reports CBS News.

Historically, women have gotten married before taking this plunge. But people like Mariela Azcuy, 29 and single, are bucking that trend in large numbers by plunging into the nation’s booming housing market. The New York resident ditched her rented apartment three months ago and bought her very own one-bedroom place. She needed a five-year adjustable rate and 30-year fixed rate mortgage (also known as a hybrid ARM) to afford it, but to her it is an accomplishment, not a burden.

“It makes me think I made a smart financial decision and I’m on my way to making other smart financial decisions in my future. It’s one of the most satisfying things I’ve ever done,” Azcuy said.

Judith Lief, a New York City Realtor, says about 30 percent of her clients are single women, while very few are single men.

“It’s a ratio of about five to one, single women to single men looking (for homes),” she said.

CBS, along with special correspondent Vera Gibbons of Kiplinger’s Personal Finance magazine, investigated the trend and found that last year, 1.5 million homes were sold to single women. That’s nearly twice as many homes as were sold to single men, with no sign of this trend diminishing.

“Fannie Mae is estimating by 2010 as many as 31 million single women will be homeowners,” Gibbons said. “That accounts for 28 percent of all U.S. households. Women are much more independent today. We are marrying later, that is, if we choose to marry at all, and are less reliant on the man to be the provider because we have our own money.”

Another factor is that single women appear to be more inclined to “nest” than single men, even if marriage is not part of the equation. Another factor is the social change that comes from women being equally educated and gaining serious financial clout in the workforce. Gibbons also speaks of the personal satisfaction in addition to the fiscal gains.

“For a single woman, in particular, it provides us with this huge sense of accomplishment, personal security, financial security, it’s a big thing. But it’s a good thing,” she said.

But, as with any major financial decision, figure out if it makes financial sense for you before you get in over your head. Particularly if you are only planning on remaining in the home for a few years, it may not be the best time to begin such an undertaking.

“It’s not right for everyone. By the time you add up the closing costs (3-6 percent of the price), decorating costs, relocation costs, it’s going to take you a minimum of three years to recoup these costs,” Gibbons said. “If you are thinking of long-term, you’re going to stay in the place three, five, 10 years, if not longer, and you can make it work, it makes perfect financial sense.”

Also adding to the allure is that real estate developers, catching on to the trend of single women joining the market, are building homes with this particular buyer in mind. Builders are catering to single women by adding extra security, energy efficient appliances, aesthetically pleasing courtyards and other features.

Locally, with Sunshine State’s booming economy, don’t be surprised to see more single female Florida home loan applicants than ever before. Particularly with the South Florida real estate landscape starting to favor first-time buyers for the first time in years.