NAR: Single women buy more homes, but men still lead overall

Data from the National Association of Realtors (NAR) shows that female homeowners have made some statistical gains in the New York metro area.

Income variation between men and women is the "main barrier" to women becoming homeowners, said Nadia Evangelou, a senior economist and director of real estate research for the NAR — and even after a woman successfully buys a home, she might be stretched thinner, financially, than her male counterparts, she added.

"Women in the New York metro area spend about 30% of their income on homeownership costs, compared to 26% of income for men."

— Nadia Evangelou, senior economist at NAR

Credit: Courtesy Nadia Evangelou

"Women in the New York metro area spend about 30% of their income on homeownership costs, compared to 26% of income for men," she said. For recent homebuyers in the New York metro area, the median household income for men is $145,000, and $116,000 for women, Evangelou said.

"What we want to have is the monthly mortgage payment not exceeding more than 25%. It's a rule of thumb so that the homeowner won't be cost-burdened," she added.

Eileen O'Hara, a broker for Daniel Gale Sotheby's International Realty in Rockville Centre, has worked with some single women looking to buy a home on Long Island in the last five years. They came from a variety of situations: Going through a divorce, widowed or looking to downsize. The NAR report shows that 12.8% of homebuyers were men living alone, coming close to women living alone as homebuyers at 12.4%.

"Perhaps what can explain all of it is, it's more generally acceptable in society for a single woman to buy a home on their own," said O'Hara. "That women don't seem to need to wait to have a partner, a spouse. They're supporting themselves with their income, they see homeownership as a good investment, and see no reason to wait."

"There are a lot of women who work for themselves and they're having a hard time getting a mortgage."

— Olivia Howell, of Huntington, is the founder of Fresh Starts Registry

Credit: Danielle Silverman

Olivia Howell, of Huntington, is the founder of Fresh Starts Registry: A website that allows people going through major life transitions to curate a list of items they'll need to get through it. Someone can create a registry of essentials to share with family and friends, without the wedding that ordinarily goes along with it.

The women Howell connects with in her profession, many of which are going through divorce, do not have a steady source of income, she said.

"This can be really tricky, whether it's divorce or whether you are just a single young woman who maybe is a freelancer," she said. "It can be really hard to then get a mortgage, to get the bank to approve of that, because you don't have the paystubs, you don't have the recommendation from an employer. This is something that's a major undercurrent of a lot of divorce conversations right now, because there are a lot of women who work for themselves and they're having a hard time getting a mortgage."

Howell recommends for women in these situations to keep a thorough record of their income and tax returns.

O'Hara said single women homebuyers should also be conscientious of what their monthly payment will be.

"Single women buyers need to know their numbers inside and out."

— Eileen O’Hara, of Daniel Gale Sotheby’s International Realty

Credit: Viewpoint Photography/Pamela Setchell

"Single women buyers need to know their numbers inside and out," said O'Hara. "Being very well-versed in property taxes and the cost of homeowners insurance, which is going up right now on Long Island, is a really important part of a single woman's home search."

Some more expert tips: Being flexible about your desired location and making sure you vibe with the neighborhood. Women living alone should also invest in a reliable security system upon moving in, Howell added.

But until there are more starter homes on the market, there will be challenges toward home buying, Evangelou noted.

"Something that could help to close the homeownership gap between men and women is to extend programs for single women and first-time buyers," said Evangelou. "That can make homeownership more accessible."

By Rachel Weiss

rachel.weiss@newsday.com@RachMWeiss

Rachel Weiss joined Newsday in 2016. As a real estate/living multimedia reporter, Rachel writes feature stories and contributes to and appears in on-camera video packages. She was the lead reporter on Newsday’s LI Acts of Kindness series.