Whether you are single, married or divorced, purchasing your first home can be overwhelming, especially in a larger city like Chicago. Have you outgrown your roommates? Or maybe you’re moving out of your parents’ home and to be on your own for the first time? Now imagine being a single female and making this decision. It’s more common than you might think. Move over men…women are taking over the real estate market!
According to the data from the National Association of Realtors from 2015, single women make up 15 percent of all buyers. In Chicago, single women are becoming a force to reckon with in the housing market, snatching up homes at a rate higher than the national average. There isn’t one specific generation that makes up this statistic; it’s a multi-generation trend. Another interesting fact is that 12 percent of single, never-been-married women are buying homes in Chicago, which is higher than the National average of 9 percent. Here are some more interesting statistics:
- Median age for singe female homebuyers is 50
- 72 percent purchase a single-family home
- Typical age for first-time female homebuyers is 32
Because Chicago’s rents are more reasonably priced than other big cities, it allows single women to make a real estate purchase when they are ready and not having to wait. Many women are looking to find a place that fits into their lifestyle to call their own. There is no “typical” female homebuyer anymore. It can range from someone who is single or divorced and buying a place of their own for the first time, to moms looking for more room.
Women prioritize the community where they look, too. They want make a purchase in an area that is close to family and friends, especially if they are a single mom or live alone. No matter who you are, there are some pros and cons to buying your own place:
- Making renovations or decorating to fit your own individual style
- The ability to choose your favorite neighborhood
- You are in charge of the property! For example, household repairs or mowing the lawn
- There is no landlord to call if something goes wrong
- It is up to you to fix it!
The purchasing process can bring its own set of obstacles as well. Sometimes lenders will treat a couple differently than someone who is single because the couple has dual buying power.
However, don’t let that deter you from fulfilling your dream and making that important purchase. Bring with a trusted friend to act as your second opinion when looking at the property. In the past, women used to bring a family member to help, now they are more likely to bring a trusted friend that can act as their support during the paperwork process. Or some women complete the whole purchase of their Chicago home on their own. Women are getting more and more independent and having that sense of accomplishment is a fantastic feeling. Nothing is better than signing on that dotted line and knowing that you own your own property!
Times are changing. Single women no longer wait to find a partner before purchasing a home. They are taking the plunge alone and purchasing their dream home in Chicago to call their own.
For more information on Chicago real estate, go to www.ChicagoRealEstateForum.com.