SINGLE WOMEN LEAD IN HOMEOWNERSHIP AMONG SINGLE-INCOME BUYERS

Kristi Eaton had been waiting for the right time to buy a house. By the time she turned 39, she was tired of waiting.

“I always thought I would purchase a house with a partner,” Eaton says. “When that never materialized, I just decided I should do it on my own.”

In March 2024, she bought a home in Tulsa, OK, and is pleased to no longer deal with increasing rents and limited space.

Eaton, the owner of a PR agency, is part of a growing sector of homebuyers known as SINKs—single income, no kids.

Without expenses for children or childcare, SINKs have more disposable income for investments like housing—a notable advantage in today's high-price market.

“I had saved a lot for a house over the years but never felt ready until all of a sudden, I did,” Eaton says.

The demographic referred to by vice presidential candidate J.D. Vance as “childless cat ladies” is increasingly buying homes independently.

Single-person homeownership has historically been dominated by women. According to Realtor.com® senior economist Ralph McLaughlin, single women comprised 19% of all homebuyers in 2023. The U.S. Census Bureau reports that single women own 20.3 million homes in the U.S., compared to 14.9 million owned by single men.

“Single-female homeownership tends to be in more aged markets and at least partially reflects that females tend to outlive males and older females are more likely to be divorced or widowed,” McLaughlin explains.

Real estate agents confirm that many clients are female SINKs.

“I have a lot of SINK clients, and most of them are women between the ages of 35 and 65,” says Stacy Miller, a real estate agent at Re/Max Fine Properties in Phoenix.

Many older SINK clients move to Arizona from out-of-state to be closer to grown children or elderly parents or due to recent divorces or widowhoods, Miller adds.

Media professional Alyson Austin has bought and sold four homes as a SINK. She purchased her fifth in Wells, ME in 2002 so she could live with and care for her elderly mother while working from home.

“This prevents additional hassles that some friends have faced with their elderly parents at the end of their lives,” Austin says.

SINKs value safety and security and often choose areas where they can get more value for their money.

“Regardless of gender, single-person homeownership tends to be higher in smaller, less expensive markets where it’s easier for single-income households to afford homes,” McLaughlin notes.

Eight out of the top ten metros for single female homeownership in 2022 had lower median home prices than the national average. The top five were Barnstable Town (MA), Topeka (KS), Rocky Mount (NC), Wildwood-The Villages (FL), and Ocala (FL).

The top spot for single male ownership was Lake Havasu City (AZ). Ohio was popular among single male homeowners with five metros: Springfield; Mansfield; Toledo; Lima; Youngstown.

The primary advantage for SINK owners is not having to accommodate anyone else’s needs during decision-making processes regarding purchasing property.

“In my experience, SINKs’ decision-making process is much more efficient because they don’t have to compromise on wants or needs with another person,” says Robert Dodson from Charles Burt Realtors in Joplin (MO).

Eaton echoes this sentiment: “It was scary making all decisions on my own yet nice because I didn’t have to consult anyone.”

SINKs also don’t need specific school districts which provides flexibility when choosing where to buy properties.

However being solely responsible financially can pose challenges especially given current housing costs.

“The typical monthly housing payment assuming median list price $439950 mortgage rate 6.49% plus down payment around $2222 excluding taxes insurance other fees," notes an expert source.

Austin emphasizes maintaining good credit scores helps significantly when purchasing homes solo.

Other strategies include saving extensively over long periods sometimes requiring sacrifices such as living longer with family members post-college like Karla Cobreiro who purchased her condo solo after nearly decade saving up sufficient funds needed cover initial payments required owning property outright without assistance others involved throughout process itself.

Despite pressures faced along way both Austin Cobreiro agree achieving goal ultimately worth effort invested attaining milestone personal independence self-sufficiency represented becoming homeowner alone.