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.
And some of us just build ours :)
(so if it falls down around our ears, we have only ourselves to blame :))
Like tissue thin walls, having 2 400lb people living above you, not having a yard, kids yelling in the parking lot, white walls and brown carpet only, creepy neighbors...
Your money is going to NOTHING...when you pay rent. IT is gone...no equity. Everyone should buy a home no matter how small or how crappy...in time it will make you money. You will putting your money into something that will make money for you (except if you live in Buffalo)...instead of giving it to the landlord to make money. My dad always had us kids buy or own place as soon as was possible....he always said you will never get ahead when you rent. It's true......
You go girl!
Besides equity, appreciation of investment, and tax benefits, landlords are for suckers.
Owning your own house before you make another mistake means your next ex-wife can't take it as marital property!
In many states the housing market is unaffordable for most. In an expensive area, a single ANYBODY with a large mortgage is subject to being let go from a bad economy, downsizing or whatever. So, though RE is a great investment, there is no guarantee you won't lose it all.
If a single person is fired and can't find equal pay in another job, the house could become forfeit.
ROFL!!!!!!!!!!!
Your apartment sounds like a mansion compared to any I had...heck even my house only has 1 bathroom and no garage.
But I'm not complaining, the house may be tiny, but it's on 2 acres with a creek and only 10 minutes from the beach!!!
What are the statistics of men reaching an age and not getting married?
I decided years ago that I never want to get married.....I don't want to clean and cook for some guy...and that's what they want....so I am 47 and single and content. I see so many people in miserable marriages....I don't see happy ones.....unless they are married under 10 years or so....
Same here - and I haven't paide rent since 1992.
I missed your post about closing on your house.........CONGRATULATIONS!!!!
I think you're right.
I don't want to clean and cook for some guy...and that's what they want
Boy, times sure have changed since I was young.
The market is always crazy in socal, but you can still find a house in a semi-decent neighborhood, if you don't mind an old fixer upper.
If you can find that kind of area, buying is the right move. Where I live, mortgage + property tax is just about double the prevailing rental rates. Renting is a relative bargain.
But it's YOUR house.
Nothing feels better than walking into your own cave or nest :)
Also true of interest and property taxes. (Yes, tax advantages can partially mitigate them). It's just a math question as to which is less harmful, depending on the specifics of the market. And the non-monetary costs will often swing the decision; many people want the ability to customize their homes, others (like me) appreciate the reduced maintenance required when renting.
Hmm, that's what I thought in 1979 when I bought at about the peak of the market. Rising interest rates in 1980-83 depressed the price of the house, and evaporated the market. By the time the ex and I split up in 84, it was worth less than what was owed on it (having a negative amortization mortgage didn't help), so I just let her have it.
Not everybody's going to make a killing in the housing market, and since we've just come off of a historic slide in interest rates from 25 years ago, I doubt that prices will take off again in the very near future.
Room service coupled with an expense account feels pretty darned good.
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