Here’s Where and How They’re Buying.

Across the United States, single women are putting their earnings into home purchases.

Now, about those earnings. Because there’s some big news. This year, the National Association of REALTORS® (NAR) noted that first-time single female homebuyers earn about $73K, compared with about $66K among single men (as of a survey concluded last summer). The prior year’s report found women making what they do now. But the typical male home buyer at that time earned $87K.

We now have the first survey to show single female buyers earning more than their male counterparts.

Declaration of Independence

For many single women, NAR reports, a deed is a declaration of independence. 

Until 1974, women were required to have a male co-signer on a mortgage. If they were not married or their spouse was unavailable to sign for them, they would be forced to ask their fathers, brothers, uncles, or nephews to sign the loan papers. This is what our mothers grew up with.

The Fair Housing Act’s prohibitions against gender discrimination changed this, together with the Equal Credit Opportunity Act. Since then, women have caught up—and then some. Single women are transforming the real estate market.

Granted, women still hear “Wait until you get married.” But many see acquiring a deed as the best way to build and hold onto wealth. And here they are. Pulling ahead of their male peers’ buying power. NAR says single women accounted for 24% of first-time purchasers last year—more than double the 11% share for single men.

Looking for Good Deals

It’s something of a stereotype to say women are good shoppers, but in real estate, their ability to find a good deal stands out. And it serves them well, says NAR.

New Orleans, according to a study from the Missouri-based Mortgage Research Network, is a top pick. Single female buyers account for 17% of New Orleans area home purchases.

Pittsburgh and its suburbs are also high on the list. NAR has been highlighting greater Pittsburgh as a place that offers single women a real opportunity to find value for money with a solo income.

Last year, 14% of all home buyers’ mortgage loans in and around Pittsburgh went to single women. These women paid an average purchase price of $228K. Not bad.

In a moment, we’ll tell you about a special plan in Pittsburgh that can be very helpful to a solo deed seeker.

What Savvy Shopping Entails

Being a savvy home shopper involves seeking quotes from multiple lenders. A mortgage broker can compare more than one lender’s interest rates and fees.

Savvy shopping means using credit cards regularly to build strong credit, yet using them with care. It means avoiding big purchases leading up to a final mortgage approval.

It means getting the right professionals to offer invaluable guidance. Good local real estate agents can inform a home buyer about what comes up for homes in the area. Is flooding a common occurrence? Old sewer pipes? Private charges for waste removal? And so on.

And savvy buying means being excited to learn about the workings of the home from a professional inspector. The American Society of Home Inspectors (ASHI) finds most homes have issues that need repair. These often involve water infiltration where it can’t easily be seen, old or out-of-shape heating and air conditioning equipment, roofing in need of replacement, and structural flaws. Radon can be an issue in Pittsburgh and throughout Pennsylvania.

Be sure your home inspector has the right credentials. In Pennsylvania, home inspectors are licensed by the Real Estate Commission.

Why the Home Inspection Is Critical

We underscore this point because a single earner may not be in the position to handle unpleasant surprises about the condition of the home they just bought. This means the single buyer will benefit from knowing that the person inspecting the home will be experienced and happy to offer explanations of everything being checked. The savvy buyer attends the inspection, follows the inspector from room to room, and listens intently for recommendations on how to make the right repairs.

A savvy buyer goes through the inspection report with the agent or real estate attorney they’ve hired. Optimally, the inspector will be available to clarify findings in the report. 

Having a real estate attorney or agent available to advise on the inspector’s findings can put the solo buyer in a position of strength when working out fixes and financial breaks with the sellers.

Pittsburgh Lends a Hand

First-time buyers who are older, disabled, or modest earners can look into the revamped Homeownership Program in Pittsburgh. Fill in a homeownership questionnaire to find out about eligibility and guidance.

This service offers:

• HUD-approved homeownership counseling.

• Guidance through loan approval and closing-cost preparation.

• Help selecting and inspecting an eligible property. (Remodeled homes are available.)

• Extensive financial assistance.

• Post-purchase support.

The process generally takes 75 days and can be done in coordination with the Urban Redevelopment Authority home buyer program.

Title for One? Or a Friend on the Deed?

Just one name on the deed means vesting decisions aren’t needed. The deed is recorded in the name of the sole owner. (When a sole owner passes on, the home title can be passed on with a will.)

Alternatively, single buyers may buy together and vest their co-owned deed as tenants in common. That way they can own unequal shares of the home if they wish, and chip in for whatever share of the upkeep makes sense in their situation.

But planning for the possibility of one owner dying has to be done. (A beneficiary named in one co-owner’s will would become a new co-owner, so the co-buyers need to anticipate this scenario, no matter how unlikely it seems.)

Or co-owners may vest their deed as joint tenants with equal shares and rights of survivorship. The surviving co-owner would then receive a deceased co-owner’s interest.

All this may not be top of mind for the single buyer, but you know what they say about death and taxes. We all must plan for both.

Word to the Wise Solo Buyer

Every home-buying situation is unique.So is every home buyer. Deeds.com cannot give case-specific real estate advice. Solo buyers can benefit greatly from the help of reputable local professionals.