Higher education and salary levels are among several factors that are giving single women the power to purchase a home on their own.

There’s a powerful new force that’s changing the face of the home buying process and is reshaping the landscape of the housing industry. Curious?

Well, take our quick two-question quiz to discover the identity and some important insights into this savvy and skilled homebuyer.

1.) Read the homebuyer trends below. Then decide: What category of buyer best fits the profile? a.) Traditional Families   b.) Single Men   c.) Single Women   d.) Active Adults

Generally speaking, this buyer group typically:

…Buys in city over suburban areas.
…Is interested in amenities and features.
…Will not compromise on location or quality of neighborhood.
…Prefers condominiums with homeowner associations over single family homes.
…Prefers 2 or more bedrooms
…Smaller spaces are acceptable.
…Desires security and / or gated access.
…Likes to engage in social interaction with neighbors.
…Wants close proximity to stores, shopping and fitness centers.

If you guessed, c.) Single Women, you’re absolutely correct. Single women represent the fastest growing component of home buyers in the United States at almost 20%. According to the National Association of Realtors, single women were responsible for buying approximately one out of five homes purchased in the country – a total of 1.7 million homes. (By the way, these same ladies outnumbered the single guys who represented only 15% of the buying population.)

2.) What’s attracting women to home ownership these days? a.) New Financing Opportunities  b.) New Motivations  c.) New Support  d.) All of the Above

You’re right again! It’s d.) All of the Above. According to a July 11, 2008 article in The Washington Times titled, “Single Women Skilled in Home Buying,” there are a lot of factors that have contributed to this growth in women buying and owning homes. First of all, increased wages and higher education levels for women have narrowed the gender gap in pay.

• New Financing Opportunities

Another major factor is the increased availability of financing through Fannie Mae and Freddie for women especially over the last decade with their outreach programs intended for first time homebuyers and minorities.

For example, divorced women are frequently given first time buyer status even if they owned a home in the marriage, making many low down payment or subsidized loans available to them. Child support payments can now be counted as income, bolstering many newly single parent’s ability to qualify for a mortgage.

• New Motivations

These factors may account for the ability of women to increasingly enter the home buying market, but there must also be motivation. The reasons that single women purchase homes probably isn’t much different than married couples seeking investment and asset growth or financial appreciation and emotional security benefits.

Women are marrying later or not at all. Census Bureau figures show the average marriage age of women at 26. The divorce rate, near 50 percent of all marriages, contributes to the number of women looking for homes of their own.

Women still outlive men by five years so many women downsize from the marriage home into smaller residences that they buy themselves after their husbands’ deaths. And women, are confident in their ability to maintain or even improve a home. A 2003 Forrester Research study found that nearly half of all purchases made in Home Depot and Lowes are made by women.

• New Support — Go for it, Girl!

A new book by Jennifer Musselman,author of Own It! The Ups and Downs of Homebuying for Women Who Go It Alone offers some practical tips and encouragement to this special category of homebuyers as referenced in the Nov. 16, Chicago Sun Times.

3 Tips from Own It!
1.) Get as much info as you can.
2.) Keep up with events in the newspaper or online that might affect the housing market in your area.
3.) Consistently monitor interest rates and loan options.

“The notion of buying a home alone was intimidating,” admits Musselman. “But beneath my anxiety, the anticipation of really purchasing a property all on muy own pulsated through my body. This was a chance to grow and prove to myself that I was capable of anything I set my mind to.”