As we join in the celebration of Women’s History Month this March, it’s important to shine the spotlight on women homeowners.
Single women continuously outpaced single men in purchasing property over the last 40 years. According to the National Association of REALTORS® (NAR), 19% of home buyers were single women in 2023.
We would be having a different conversation if it wasn’t for Section 109 of the Housing and Community Development Act of 1974. This was the act that prohibited discrimination based on race, color, national origin, disability, age, religion, and sex. Financial institutions could deny a single woman applicant who did not have a man as a cosigner until this act was implemented. Imagine the confusion and frustration for the women who were denied, or had no options for a co-signer. We have so much more opportunity now, and that alone is worth celebrating.
Women being head of household has increased dramatically. In 1990, less than a third of total households were headed by females. By 2021, an estimated 51% of households were reported as being female-headed.
Why does this conversation differ from men or married couples purchasing a home? Single women homeowners are chipping away at societal norms. Women of color are a big piece of this puzzle too, which is significant in the shift of what we’ve seen in the past. We have the opportunity now more than ever to highlight the importance of diversity in reshaping our perceptions of homeownership
The beauty of life is there is not one linear path all must follow, not one definition of success. The same is true with homeownership. As we continuously work toward eliminating barriers for women and welcome opportunities to uplift, we are building a firm foundation for the little girls today who are the women of tomorrow.
Kayla Palmer is a REALTOR® with MW Real Estate Co. and has a passion for helping first-time home buyers navigate the home-buying process. She is co-owner of Bagelshop and is a member of the Donelson-Hermitage Chamber of Commerce.
