A new study revealed Friday by the National Association of Realtors reveals an interesting trend in terms of home buying demographics. The NAR’s analytics show that more and more Americans, single women in particular, are opting to be the only person living in their home. In all, the NAR revealed that there are 33 million one-person households in America, and that women are becoming more and more involved in the real estate buying space, particularly those who are single.
‘We seem to find that single women are more proactive in planning for their financial future and often approach a home purchase in a smart and organized manner,” said Jenna Thuening, owner of Minneapolis-based real estate firm Home Destination. “When they enlist a realtor, women real estate buyers often already know what they want and how to go about trying to accomplish it.”
Separately, Realtor.org quoted Eric Klinenberg, author of the book “Going Solo: The Extraordinary Rise and Surprising Appeal of Living Alone” in saying that the 18 to 34 demographic is the fastest-growing group of individuals who choose to live alone. Most of these one-person households, according to Klinenberg, are women, with 18 million women as to approximately 14 to 15 million men.
Experts believe that married mortgage applicants are in fact more susceptible to the pitfalls one can encounter when applying for a home loan. “When a consumer co-signs on a credit application for a friend or family member that debt becomes the consumer’s debt and is counted towards the overall debt ratio of the borrower,” explained Fairway Independent Mortgage vice president Craig Tashijian.
“We need to collect 12 months of cancelled checks from the paying debtor to prove that the co-signer is not responsible for making the monthly payments if we need to remove the payment from the ratio calculation.” While he did not cite single women in particular, Tashijian’s elucidation on the conundrum faced by married mortgage applicants could be a feasible explanation as to why single women do not run into the same obstacles when applying for a home loan.