Here Are The Stats You Need To Know
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In the wake of the pandemic, homeownership has become increasingly top of mind for women in America. Staying home has encouraged women to do more research, growing their confidence that one day, they’ll own a home — but before taking the plunge, they’re doing their due diligence by upping their financial knowledge.
So, along with Rocket Mortgage, we did an in-depth research study to gauge where women are right now in terms of their home-buying journey and take the temperature of what matters to them currently and in the long run. Keep reading for some interesting stats and informative takeaways that can help inform your own path to homeownership.
Homeownership is a goal that 52% of women are looking to achieve within the next four years, but the timeline for ownership relies heavily on a woman’s life stage. Moms are significantly more likely to currently own a home, while younger women (many without children) view homeownership as an investment for themselves or their future family. Women are actively building budgets and reducing their debt with the goal of purchasing and owning a new home in the future.
How Soon Women Are Hoping To Buy a Home
Most of the respondents to the study said they are hoping to purchase a home in the next one to two years.
How Women Are Saving Up For a New Home
Making fewer discretionary purchases
FOR A RAISE
Three in four women are thinking about buying a home and researching home buying more frequently — but that hasn’t sped up women’s timelines. This extra time to save up, plus the hours of research women have done, is leaving many feeling more confident about purchasing a home in the future. Moms especially are more likely than women without children to feel more confident about purchasing a new home.
How the Pandemic
Impacted Women's Plans
I expect to purchase a home sooner than expected
I expect to purchase a home later than expected
I think about buying a
home more frequently
I think about buying a
home less frequently
I’ve done more research about home buying
I’ve done less research about home buying
While most women feel capable of managing their finances, the financial uncertainty of owning a home generates concern. Over half of women are worried about the unexpected costs associated with buying a home, and nearly just as many worry about affording future repairs. The majority of women say they have an intermediate understanding at best of everything from budgeting and credit to loans and saving. Meaning: more education is needed in order to make women feel confident in their abilities to own a home.
What Women are
Most Worried About
Unexpected costs or fees
Affording future repairs or renovations
Saving for a down payment
Ability to save for the future
Sticking to a budget
Getting approved for a mortgage
Making monthly mortgage payments
Current credit score
Affording monthly utility bills
The overarching motivation for owning a home is adding value to a woman’s life, whether it be value for their family or financial value for their future. And while nearly every stage of the home-buying process is perceived as exciting, nerves start to take over at the offer stage. For millennial women, searching for a home feels a bit more intimidating — young women are more likely to feel overwhelmed at this stage than hopeful. Meaning: you’re not alone! This is a big life move, so don’t feel stressed about feeling stressed.
For a house to really be a “forever home,” women say that having enough space and storage is essential. Women are three times more likely to prioritize size and storage than having friendly neighbors or living near loved ones. A newly renovated home versus a fixer-upper is also a big deciding factor depending on the woman’s life stage. For multicultural women, inclusivity and a supportive community are top of mind, as they’re more likely to seek out a home with friendly neighbors and a good education system.
Future Home Must-Haves
The Most Important Things Women Are Looking For In a Home
Yard or outdoor space
Size and storage
Overall design and layout
Commute time and
Renovations and finishes
Town or city size
Proximity to loved ones
written by: Aviel Kanter
Illustrations & ANIMATIONS by: Jimmy Simpson
Art Direction & Visual Design by: Meg Konigsburg
Plenty of space
good for entertaining
PLENTY OF LAND
Why Women Want to Purchase a Home
More value than renting
Moving to a
Interested in investing
to a new
home is too expensive
*Study completed April 2021, with 504 respondents which included women over the age of 18. Learn more about the study here.
Some of the respondents are looking to buy in the next three to four years.
Other respondents think it’s more realistic to wait at least five years to buy a home.
5 or More Years
A few people think they can swing it in the next four to six months.
Rocket Mortgage, LLC; NMLS #3030; www.NMLSConsumerAccess.org. Equal Housing Lender. Licensed in 50 states. For additional information please visit RocketMortgage.com.