Key Points:

• In 2024, single women overcame affordability challenges and increased their homeownership rate to nearly 52 percent, while the overall homeownership rate declined.
  
  
• Single women are making significant financial sacrifices, such as cutting non-essential spending and taking on second jobs, to save for down payments and purchase homes.
  
  
• Single women recognize the wealth-building benefits of house price appreciation and equity gains that homeownership offers.

As we commemorate International Women’s Day and Women’s History Month, it’s an opportune time to celebrate the progress that single women have made in pursuit of the American Dream of homeownership. In 2024, the homeownership rate among single women¹  increased slightly to 51.9 percent from 51.8 percent in 2023, outpacing the overall homeownership rate, which declined amid affordability challenges. This modest increase, which continues a recovery from a low of 49.3 percent in 2016, stands out against a backdrop of the worst affordability level since 2006. 

Over 20 million single women owned homes in 2024, surpassing single men both in number, 14 million homes owned, and in homeownership rate (49.6 percent). According to NAR survey findings, homeownership remains a top priority for single women, who are making significant financial sacrifices to achieve this goal. The survey found that these sacrifices include cutting spending on non-essential goods, entertainment, and clothes; canceling vacation plans; and even taking on second jobs.

Homeowners benefit from equity gains with every mortgage payment, which act as forced savings, as well as accumulating wealth from house price appreciation. Although house price growth can stall or decline in some markets, historically, housing has been a key driver of wealth creation in the United States, and single women are taking note.

“In 2024, the homeownership rate among single women increased slightly to 51.9 percent, outpacing the growth in the overall homeownership rate, which declined amid affordability challenges.”

Single Women are Building Significant Wealth via Homeownership

Wealth among single women has increased over the last several years. The median net worth of single women increased from $54,400 in 2019 to $74,500 in 2022, according to the Survey of Consumer Finances (SCF), a triennial survey that collects detailed accounts of household finances. For single women that own homes, their median net worth increased from $199,400 to $266,500 in the same period. In fact, a home is typically the single largest asset people own, and for single women the value of their primary residence made up 66 percent of the total value of all their assets in 2022 on average. Homeownership remains an important driver of wealth creation, and women, especially single women, are benefiting.

The fundamentals that have fueled the surge in homeownership among women show no signs of slowing. Women have increasingly pursued higher education, which is linked to larger incomes, and larger incomes improve the likelihood of homeownership. The share of single women with a bachelor’s degree or higher has increased from 20 percent in the year 2000 to 34 percent in 2024. Similarly, real median household income for single women has increased over 20 percent from 2000 to 2023, improving their house-buying power. 

Single women are increasingly flexing their buying power to purchase homes, making significant financial sacrifices in the process. These efforts underscore the importance of homeownership for single women, who recognize the long-term benefits of wealth accumulation through house price appreciation and equity gains from monthly mortgage payments. As educational attainment and household income among single women continue to rise, it’s reasonable to expect their homeownership levels will continue to rebound.

  ¹Single, female-headed households