Single women: Home alone and loving it

___

Published Date 3/11/2025

“You’ve come a long way, baby,” was once an advertising slogan used in the 1970s recognizing how women were increasingly refusing to be defined by anyone, glass ceilings were there to be broken, and there was no limit to what they could do.

Realtor.com’s Julie Taylor says new data shows just how women are spending and saving their money—and achieving their financial goals as a segue into Women’s History Month.

“The good news is there are twice as many women who own their own homes today than there were 40 years ago,” says Taylor. “But owning a home comes at a price some women were perhaps not prepared for.”

Taylor says that no matter their age, women's top financial resolutions for 2025, according to Fidelity Investments, are to save more money (46%), pay down debt (41%), and spend less money (33%). And according to the report, 57% of all women in the U.S. are prioritizing short-term savings goals over long-term objectives like retirement in the coming year, with mortgage payments being a key focus.

It’s interesting to note that women only gained the right to take out mortgages on their own in the U.S. with the passage of the Equal Credit Opportunity Act (ECOA) in 1974, which prohibited discrimination based on sex or marital status in lending. Prior to that, women often faced significant barriers to obtaining credit, including the requirement of a male co-signer or husband's permission to apply for a mortgage. The ECOA outlawed these discriminatory practices, opening doors for women to become property owners more easily.

Taylor reports that among women retirees, nearly half are currently working, have worked, or are thinking about working in retirement to achieve their financial goals, like paying off their homes. And 50% of women who retired in 2024 took a phased approach to retirement by working part time, taking on less responsibility, or transitioning to more flexible work, compared with only 19% of women 20 years ago. How times have changed.

More and more of today’s retirees are "aging in place," with 54% of boomer homeowners expecting to live in their houses for the rest of their lives, according to recent studies.

Taylor reports that 40% say it's because they've got a fully paid-off mortgage; 25% claim they wouldn’t be able to afford a new home; 19% don't want to lose community ties and friendships; and 16% worry they couldn’t pay the steep costs associated with an assisted-living or retirement community.

Single women first-time buyers grew from 11% in 1985 to 24% in 2024, according to the National Association of Realtors. The shift might be attributed to several societal changes, including achieving higher levels of education and career advancement, leading to greater financial independence. Additionally, changing societal norms have empowered women to prioritize personal and financial goals, including homeownership, without waiting for marriage or partnership. Plus, many realize they no longer need to rely on a male breadwinner. In fact, according to the U.S. Census, single women own 2,719,923 more homes than single men.

In fact, single women own the largest share of homes in New Mexico, Mississippi, and West Virginia.

Taylor reports, however, that only 48% of millennials are likely to “enjoy stability through homeownership” in retirement—compared with 74% of Gen Xers and 75% of boomers, according to a Charles Schwab study. Rising property prices, student loan debts, and a competitive job market have made it harder for millennials to save for down payments and secure mortgages.

The question is: Is owning a home in retirement a financial asset or a burden? Taylor says boomers have been more comfortable than earlier generations with the idea of taking on a mortgage later in life, according to USA Today. A recent study by the University of Michigan found that households with more mortgage debt tend to postpone retirement and spend less money once retired.

GenXers hit age 60 this year—and some of them were lucky enough to secure low-interest mortgages during the COVID-19 pandemic. But many also fear that Social Security benefits won't be there for them. “Having a paid-off house can help alleviate some of those financial fears,” says Taylor. Once that is in the rearview mirror, monthly expenses plummet and you don’t have to worry about the most important thing to survive—shelter."

Realtor, TBWS

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

NEXA Mortgage, LLC (NMLS #1660690) 3100 W Ray Rd 201, Suite 209, Chandler, AZ 85226 (www.nmlsconsumeraccess.org); Equal Housing Opportunity