Single Women Driving Housing Market

DETROIT, Mich. — Before 1974, women couldn't secure a mortgage without a male co-signer. That was before passage of the Fair Housing Act's prohibitions against sex discrimination and the Equal Credit Opportunity Act. But today, single women have emerged as a major segment of homebuyers.

In fact, single women have outpaced single men in homebuying for more than 40 consecutive years. According to the National Association of Realtors®, they accounted for 20% of homebuyers in 2024, despite wage gaps and rising home prices.

Single men accounted for 7% to 9% of buyers in recent years. 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 50%.

"Single women are increasingly investing in themselves, viewing homeownership as a powerful tool for building wealth and long-term stability," said Jeanette Schneider, president of Re/Max of Southeastern Michigan. "Many are willing to make financial sacrifices, prioritizing saving for a home over discretionary spending."

With higher levels of education and career success, women are gaining the financial independence to buy homes while also using real estate as a means to help close the gender wealth gap, she said.

Bria Myers, 27, described her experience as a first-time homebuyer as emotional but rewarding. Myers closed on her Detroit home in October 2024 – a three-bedroom home that's just over 1,000 square feet with high ceilings, 1-1/2bathrooms and a basement. She learned about Huntington Bank's Home for Good program, which provided down payment assistance, covered some closing costs and eliminated private mortgage insurance.

"I started looking as soon I got preapproved," Myers said.

"There are some amazing ways for first-time homebuyers to get into homes with very little out-of-pocket," said Joe Bigelman, branch manager of John Adams Mortgage.

Myers learned 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 steppingstone," she explained.

She chose her home for its updates, including a new roof and solid mechanical systems. "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," she said.

Initially hoping to purchase in the suburb of Southfield, Myers said she ultimately bought in Detroit because homes in her price range in Southfield required significant repairs.

"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. Her neighborhood is "super quiet and nice" and feels safe, with a community garden for fruits and vegetables.

Myers said her mortgage note is less expensive than her previous rent.

"I'm proud of myself for taking the leap and creating generational wealth for my future family," Myers said.

Purchasing tips

Jeanette Schneider, president of Re/Max of Southeastern Michigan offered this advice for homebuying success:

• Take control of your finances. Consult a lender to determine what you can afford. Leave room in your budget to maintain your lifestyle.
• Think long term. How long do you plan to live in the home? Will it adapt to potential lifestyle changes? How will its resale value hold up?
• 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.
• Protect your investment. Get a thorough inspection and safeguard your home with a warranty to cover unexpected repairs. Ensure your homeowners' insurance is comprehensive. Consider setting up an estate plan.

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