According to a report from the National Association of Realtors, more single women are purchasing homes than single men. This article from The Journal News of Westchester County, New York, also covered by USA Today, reveals some of the motivations for single women who are deciding to become first-time homeowners.
Single women are buying homes at nearly twice the rate of single men. They now account for 23% of first-time buyers and 16% of repeat buyers, according to the 2014 National Association of Realtors Profile of Homebuyers and Sellers. Single men make up 15% of first-timers and 8% of repeats.
“You’re in the suburbs of Manhattan, so you’ve got highly capable women who are working in the city and are looking to invest, and real estate is still a great investment for people,” said Denise Friend of Better Homes and Gardens Rand Realty in White Plains, N.Y.
In the expensive, tough-to-crack market of New York’s Westchester and Rockland counties, single women recount different motivations and various ways they’ve made the purchase work financially.
Julia Kushnir bought a multifamily house in Yonkers because she wanted an income-producing investment. Erika Klein purchased a house in Nyack when interest rates dipped too low to pass up. Jackie Garrecht, Carolyn Kiel and Maryann Boyd just felt ready for something to call their own, and preferred owning to renting.
In all cases, building equity has been an empowering experience they’re glad they undertook.
“I felt like renting would be kind of like wasting money,” said Garrecht, 31, who had been living with her parents in Sparkill when she decided to strike out on her own. “I had the money, and I thought I’d rather use it for a down payment.”
An inheritance from her grandfather helped her purchase a condo in Valley Cottage this summer.
Boyd, 31, also bought a condo in Valley Cottage. She’d been living in the New City house where she grew up but, after her parents’ death and her sister’s marriage, she decided to get her own place.
“I have a dog and it’s very hard to find a rental when you’re a pet owner,” she said. “And I had just started a good job.”
But following through was stressful, Boyd said: “It was harder because I didn’t have someone with me for the emotional part of it.”
Solo buyers sometimes need a confidence boost, according to Irene Amato of A.S.A.P. Mortgage in Cortlandt, who said she asks clients to imagine the worst-case scenario. She reminds them that job losses or other unexpected financial problems might also impede their ability to pay rent.
“It’s just getting over the fear of owing that mortgage,” she said. “And telling them they can always sell or rent. They forget that.”
