It is an accepted truth in most financial quarters that buying real estate is an important part of a person’s overall financial picture. After all, the logic goes, rather than throwing good money after bad by renting, and putting equity in someone else’s property, you can buy and build equity yourself.
This is a truism because, well, it’s usually true. Unless you are a person who moves a lot or are in a market where home values are out of sync with rental prices, you will usually do better purchasing real estate than renting. And in the metro Washington DC market, you are at a significant advantage purchasing, because home prices tend to do well in comparison to inflated rental rates, and tend to grow over time, even with occasional market corrections.
But what you may not know is that it is even more important for women to purchase real estate than men. Why?
- Real Estate ownership offsets the Gender Pay Gap: We’ve all heard the dire statistics: Women working full time in the US are typically paid 80% of what men are paid for the same work. That statistic is even worse for women of color, lesbians, and transgender women. Therefore, it is more important to offset that with the wealth-building and tax savings of home ownership.
- Women live longer: Statistics say that women live five to ten years longer than men. That means more retirement savings, medical expenses, and other associated costs. Building wealth through home ownership is important in creating a nest egg that can help fund those extra golden years.
- Women bring home the bacon: In almost half of American families, women are the primary or sole caregivers AND breadwinners. That means more financial responsibility not only for child-rearing, but also for educating those children. The stability of home ownership, as well as the ability to tap into equity for things like tuition or medical expenses can go a long way toward providing financial resources for the families that depend on women.
- Women are putting off, or foregoing, marriage: Single women account for 17 percent of US homebuyers, compared to just 7% of single men. Researchers suggest that younger women are often choosing to stay single longer or choosing not to marry at all. While women used to seek financial stability through the men in their lives, they are now taking control of their financial future and home ownership is a highly valuable part of that big picture for most women. In fact, women are more willing to work second jobs and make other sacrifices to achieve their home ownership goals.
- Women are generally Future Thinkers: While many men live in the concrete present, women statistically tend to project into the future more. This may be an evolutionary quirk that helped them provide for their children more effectively. Thus, while the prototypical man wants to put that bonus check into buying a boat or a game system, women tend to think in terms of investments that pay off down the road. And homeownership is an investment that not only meets their financial needs but also offers many intangible rewards associated with caretaking, security, and empowerment.
Whether you are ready to buy or just starting to think about home ownership, let the Realtors at Pierce Murdock Group help! We are a woman-owned business and we understand how important it is for you to find a real estate agent who understands your needs and concerns during this momentous process. Contact Alyssa at firstname.lastname@example.org to discuss your goals and start a custom real estate search in your target neighborhood. Whether you are interested in resale value, school district, or commute times, we can help you find the right place for all of your home buying needs.
Choosing to rent because you don’t think you can put together the money for a down payment? There are many great grant opportunities and first-time homebuyer programs in the DC Metro; you may be able to make that purchase with less money down than you think. Let us put you in touch with one of our lender friends who can help you find the right mortgage product for your financial needs.