Homeownership in single women is rising twice as much as single men.
According to a national report by Redfin, single women bought 9% more homes than they did a year earlier in the last quarter of 2020.
To put it in perspective, that’s twice the growth rate of purchases among single men.
In places like Philadelphia, Raleigh, and New Orleans, women have outpaced single male homeownership for several years with no stop in sight. In fact, according to a LendingTree study, single women are more likely than single men to own a home in each of the 50 largest metropolitan areas in the country.
Women are increasingly more successful in their careers, saving money, and investing strategically. They want to buy property that they can invest in long-term and call their own.
Although it can be challenging to own a home as a single person, women are doing an exceptionally good job. According to Zillow over the last 15 years, a larger share of female renters can afford to buy in their region.
So, where are single women buying the most homes, and where would a single lady buy a home?
DeedClaim, an online deed preparation service, analyzed 100 major cities to find the best places for single women to buy a home in 2021.
The factors included single, female-owned homes per 100,000 residents, single population per 100,000 residents, median home value, median annual income for females, unemployment rate, cost of living index, and search volume of ‘the best dating apps.’
DeedClaim then assigned weights to each factor based on their significance to a single lady homeowner. After that, they calculated the sum of the nine weighted factors, which gave an overall city score for each city. The highest possible city score was 50.
The study found that single women own the most homes in New Orleans, Raleigh, Memphis, and Philadelphia, based on single, female-owned homeowners per 100,000 people.
In terms of the best cities overall, Pittsburgh took the top spot in the ranking with an overall score of 42.17. According to DeedClaim, “Pittsburgh’s high score stems from Pittsburgh’s high number of female-owned homes and a surprisingly low median home price of $138,000.”
The next best city for single lady homeowners was Pittsburgh’s neighbor, Philadelphia (41.55), scoring high with a median female income of $51,343.
After Philadelphia, Richmond, Cincinnati, and Raleigh took the 3rd, 4th, and 5th spots in the ranking. The top 10 best cities for single women homeownership were rounded out with some Midwest cities, Madison, Wisconsin, and St. Louis, Missouri.
You can check out the full report here.
Featured Image by Gerd Altmann from Pixabay