65% of women would buy a home before marrying. These tips can help

On Jan 29, 2022

Anna Mascall pictured in front of the Easton, Pa., home she recently purchased. “To be able to say I own a home, I kind of did the American dream,” she said.

Courtesy: Anna Lee Mascall

After years of renting, Anna Mascall, 30, decided she wanted to buy her own home.

Then the Covid-19 pandemic hit, and urban residents began flocking to the rural Lehigh Valley area of Pennsylvania where she lives.

With low inventory and high prices, Mascall thought her homeownership dreams would be out of reach — but that all changed when the owner of the house she was renting decided to sell and gave Mascall first dibs.

She jumped at the chance, and her dream of owning a home became a reality. Mascall closed on her new house this week.

“It was always a huge dream of mine to own my own home and to be able to say that I made it,” she said.

Mascall, who is single, admitted that she did have some hesitation about approaching this major life milestone without a partner. “But there came a point where this is how my life is now, and why wait for that?” she said. “I’m more than capable of owning a home.”

Society tends to dictate a certain chronology for life events — first comes marriage, then comes buying a home.

However, single women like Mascall are redefining those rules, according to a recent study from Bank of America.

Nearly two-thirds of single female prospective homeowners said they would rather not wait until marriage to buy a home, according to the study. What’s more, 30% of current female homeowners purchased their homes while they were single.

“With the delay in getting married and starting families, I think it’s logical that 65% of single prospective homeowners would choose to be homeowners without having to get married first,” said Kathy Cummings, senior vice president of homeownership solutions and strategic relationships at Bank of America, of the study finding.

To be sure, buying a new home can be a challenge in the current market due to limited supply, high prices and rising mortgage rates. The median existing home price in the U.S. was $358,000 in December, a 15.8% increase from $309,200 in December 2020, according to the National Association of Realtors.

But a purchase like Mascall’s is increasingly proving to be a source of pride for women. The BofA survey found that 80% of women are excited about the idea of buying a home on their own, while 92% said it would be a great accomplishment.

I don’t think women need to be limited any longer by the old mindset that you have to be married.

Kathy Cummings

senior vice president of homeownership solutions and strategic relationships at Bank of America

What’s more, 60% of prospective female homebuyers said they will feel like they’ve made it when they buy their own home, versus 52% of single men. Almost half of current single women…