TROY, N.Y. – Three years ago, Cherie Clark bought a home overlooking Troy’s Washington Park. The building was a mess, she says, and the responsibility of owning alone can be daunting. But she doesn’t regret the decision. “I like the idea of owning this house and being able to do what I want.”
Many single women agree.
So much so that they now account for 27 percent of the nation’s first-time home buyers, according to the National Association of Realtors, and 21 percent of home buyers overall – more than double the rate of 20 years ago.
Single men, meanwhile, account for just 9 percent of home buyers, the same percentage as 20 years ago.
Buying a house in my book means paying cash, in total, for the full value of the house. Otherwise they mean mortgages.
Rising homeownership rates among single women reflect much- discussed societal changes: Americans are more likely to marry later and often divorce when they do. And women are earning more than ever before.
The Greater Capital Association of Realtors Inc., an Albany- based trade group that keeps data on home sales and prices, doesn’t track local home-buyer patterns. But its executive director, James Ader, points out that as recently as the 1970s single women had trouble obtaining a home loan.
“As that’s become more fair and equal, women have bought more,” he said.
A home loan. Long term debt. I’m not sure on the lengths of home loans in the States, but they frequently reach into the decades in the UK. Do these women realise they have to be working for a long time to pay that mortgage off, or are they expecting to meet a guy on a whim, ‘settle down’ and have him pay off the rest while she decides she wants to be a mum all of a sudden? Continue reading