Posted on 03/29/2005 11:21:03 AM PST by qam1
Fewer single women are waiting for Prince Charming to sweep them off their feet before they buy their first home.
The Wall Street Journal reports single women are buying homes in record numbers.
"It's like a dream, said MiMi. You are just not really there yet. It takes a few weeks to settle in, and say, OK, this is my house!
MiMi, 29, isn't wasting anytime securing her future. She recently bought her first home.
Mimi is a part of a growing segment of single women, armed with buying power, that are unwilling to wait around for Mr. Right before investing in a house.
If you keep waiting around and you keep renting, you're throwing away thousands of dollars each year that could be going towards equity, MiMi continued. So I wanted to make sure I was building something rather than throwing money into someone else's pockets."
The National Retail Association reports in 2003 single women bought one in five homes. That's close to two million homes.
The share of homes bought by single women has increased about 33 percent over the past decade, making single women the fastest growing segment of the home buying population.
"When I was a little girl we used to sing, First comes love, then comes marriage, then comes whoever your friend is with a baby carriage. I don't think kids are singing that song anymore, said Triangle Realtor Linda Craft.
Craft says over the past ten years she's seen more and more single women wanting to buy a home. She says part of the reason is more women are thinking like business professionals nowadays.
And the business professional says, I don't want to waste money on rent, I want to own my own home. I want to start having a leveraged investment that is going to grow and protect my future,'" she explained.
Craft doesn't see the trend slowing down anytime soon. Ive been in business 20 years. I think 20 years from now, and I will still be in business, we will see more and more women, who are not only buying real estate, but own the majority of real estate."
Meantime, MiMi is enjoying her newfound independence, but is still open to meeting her knight in shining armor when the time is right. Absolutely! You just have to take your time and do the responsible thing. The responsible thing is to watch out after your retirement and, like I said, investing in homes. Realty is one of the best ways to have a retirement or fixed income in the end."
Mortgage giant Fannie Mae expects single women to head 28 percent of all households by the end of the decade.
Oh please. I bought my house when I was single. I am now divorced, but involved in a very serious relationship. My choice of living accomodations are separate from my love life.
Investment and tax benefits, just to name two.
Habitat for Humanity is at the forefront of this trend.
I had my own home when I was about 30....still do.
Not in any of the apartment complexes I lived in......I couldn't wait to get out of the last one I lived in.
By the time I was able to find an apartment that wasn't in a complex, but in a converted mansion, I was being escorted home every evening from work because there had been so many rapes in the complex.
Well, maybe some landlords. The not so smart ones.
And mortgage interest? Nice big tax deduction every April.
Neither apartment complex I ever lived in even had a pool or gym........
Sunday, Sunday, Sunday! Featuring a special appearance by Foreclosurusaurus, the Credit-Eating Robot!
But the big disadvantage is that you can never get ahead by paying rent. You need to buy a home ...Don't rent!!
So were mine. I spent 4 years in apartments after my divorce, but bought a house before getting remarried. 5 years before getting remarried, as a matter of fact.
Of course you can. Take the money you save not paying interest on a mortgage and invest it somewhere else. There's no need for your investments and residence to be one and the same.
It's called 'throwing in the towel.' :-)
>>There are some big advantages to apartment life.
Maybe for you. I dislike it. It's very noisy at all hours, I can't work on my car, I have to schedule my laundry duties at 1 or 2 AM so I can actually get a machine to use, parking is a freaking nightmare for anyone coming to visit, I can't make any changes to the interior space at all (no paint, no improvement in appliances).
Not to mention the apartment complex managers feel the need to leave little notices on our doors in plain view from the parking lot telling us about the 'community' activities. They usually do this on a Friday before a long weekend or a typical holiday to make sure any thieves cruising the parking lot can see who went away for the weekend.
sorry for the rant. :-)
I've had about all I can take. Time to move someplace where I can actually afford a house. *sigh*
Am I sensing some resentment here ... hmmm?
My last rent was more expensive than my mortgage and property tax is now.
>>Oh, I'm a single chick buying my first house - closing on May 16
Good for you!
I find that hard to beleive. All the single 40 something women around here seem to have no problem getting boyfriends or getting married.
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