More single ladies are holding their hands up with their house keys.
According to new data from the National Association of Realtors, single women are outpacing single men as homebuyers, continuing a trend that started way back in 1981.
As of 2023, the NAR's data shows single women are second only to married couples, with single women making up 17% of all homebuyers. Single men make up only 9%. This national trend is also reflected in metro Detroit.
Elizabeth Johnson is one of those women. She just purchased a charming brick house on the Bagley community in Northwest Detroit.
“What about this house made you fall in love with it?” I asked.
"It was almost like I recognized it. That's kind of the feeling it had," she said.
The 36-year-old educator, who once called Clawson home, is moving to Detroit after two years in Tampa.
“Part of it was related to the housing crisis. So, in Tampa, I had a one-bedroom apartment, and the rent after the first year, my rent went up about 40%. And I live on a single income. So, it wasn't even an option," she said.
Now, she's paying less for her home than she did for her apartment, by about $600 per month.
Eric Miller is a realtor who has one offer from a single woman for a two-bedroom, two-bathroom condo in Farmington Hills. He said he's seeing more single women than ever buying homes.
“Single females I think are starting to realize this is an investment for them and for their future," he said.
“I think there's a variety of reasons. I think first and foremost home means a lot to women. They want to be safe and secure," Jeanette Schneider, the president of Re/Max of Southeastern Michigan, added.
Another reason we're seeing single women buy more homes is the gender pay gap, according to Schneider.
"Women have said this is a way to kind of level the playing field. If I can start to build wealth, and I can own a home, that puts me on a track to build some wealth," she said.
Schneider said before 1974, females could not get a mortgage or a loan on their own. They had to have a co-signer. Since 1981, she said females have been outpacing men in buying homes.
” I think there's a couple of things that they want to keep in mind. And first, it's going to be, really pay attention to the budget," Schneider said.
Schneider said you need to make sure you can comfortably afford your mortgage payment plus all your other expenses.
She also suggested female homeowners start a rainy day fund to pay for unexpected repairs or emergencies.
Johnson is still processing that her monthly mortgage payment will be less than her previous monthly rent.
"It feels fantastic, but it also is a relief," she said.
Johnson said she's still getting a handle on all of her new chores like mowing the lawn. She's also learning which projects she can hire out, and how to find contractors she can trust.
As a female with a college degree, Johnson is also part of the growing gender gap in higher education. According to Pew Research Center analysis from 2021, young women are more likely to be enrolled in college than young men, and more women 25 and older have a four-year college degree compared to men of the same age.
The gender gap in higher education — favoring women — in is even wider among younger adults ages 25-34. This may another reason fueling the rise in single female homebuyers.
