Single Women Are Catching Up in the Property Market By Kathy E Roberts

Although single home-buyers face a number of challenges when looking to purchase a new home, more women are choosing to take the plunge alone.

This has been confirmed by new 2010 data from RAMS Home Loans in Australia, which shows that the ratio between sole male and female home loan applications is closing in on 50:50 whereas in previous years, 70% of sole applications were submitted by males.

Similar Trends Overseas

But the trend is not particular to Australia, in South Africa and the US similar changes are taking place with the number of single women in property also on the rise. The more equal ratio of home loan applications is a positive development, and is good news for other single women looking to buy homes as loan providers, real estate agents and developers are taking note of the trend.

According to a 2006 report from Harvard University's Joint Center for Housing Studies, single female home-buyers are taking up a larger portion of the property market than ever before. This new development has sparked great interest, as very little research had been done previously in the area of female home-buyers.

Women of all types and ages

The women who are electing to buy homes solo are of all ages and races, and come from a diverse range of backgrounds, including single mothers, middle-aged divorcees, young women who have never been married and those who are retired, the study says. But why are women in property choosing to go it alone?

The increase in sole home loan applications by women could reflect a number of other changes: the increase in woman-led households, single women's growing knowledge of the property market and rise in confidence, and more women occupying better positions in the workplace making them more financially independent.

Women are remaining single for longer

More women are also waiting to get married and choosing to stay single for longer. By prioritizing getting an education and building their careers, single women are going into the property market before committing to a relationship. Information on how to go about buying a home has also become more easily available in recent years and women in property are educating themselves on making such an investment.

It has also been suggested that, of the two sexes, women are more inclined to purchase property alone as they want a place they can come home to and call their own. This desire is not necessarily shared by men, who tend to wait for Ms Right before looking at buying homes. Even in married couples, more and more women are identifying themselves as the home-owner.

Older women

Amongst older women, many are finding themselves in the property market after a relationship breakdown and are looking at buying a home with investments they built up during the course of their marriage.

Good news is that some financiers, developers and realtors have recognized this new market and are offering tailored solutions for single women in property, such as smaller secure homes in close community settings.

With their growing prevalence and confidence in the property marketplace, single women buying homes are paving the way for yet more women looking to take the plunge.