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65% of women would buy a home before marrying. These tips can help


Anna Mascall is pictured with the Easton home that she purchased recently. She said, “To be in a position to claim that I have a house is the American dream.”

Courtesy Anna Lee Mascall

Anna Mascall (aged 30) decided after many years to own her home.

After the Covid-19 pandemic, urban dwellers began moving to Pennsylvania’s rural Lehigh Valley where her family resides.

With low inventory and high prices, Mascall thought her homeownership dreams would be out of reach — but that all changed when the owner of the house she was renting decided to sell and gave Mascall first dibs.

It was an opportunity she jumped on, and the dream of buying a house became a reality. Mascall has closed on her new home this week.

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She said, “It has been a dream of mine for a long time to have my own house and be able say I achieved it.”

Mascall is single and admitted to having some reservations about approaching the major milestone of her life, even though she had no partner. But, she said that it was a moment when this is the way my life is right now. “But there came a point where this is how my life is now, and why wait for that?” she replied. She stated, “I can do it all.

Society tends to dictate a certain chronology for life events — first comes marriage, then comes buying a home.

A Bank of America study has shown that single women such as Mascall have been redefining these rules.

The study found that nearly three quarters of prospective female homeowners would not wait to marry to own a home. More importantly, 33% of the current homeowners are female and purchased their home while still single.

Kathy Cummings from Bank of America senior vice president of homeowners solutions and strategic partnerships, said that the survey finding shows that “with the delay in getting married or starting families it is logical” that only 65% of potential homeowners choose to be homeowners.

It is a good idea to buy a home that you are satisfied with. can be a challengeDue to low supply, rising prices and increasing mortgage rates, the market is currently a tight one. According to the National Association of Realtors, the December median home price was $389,000, an increase of 15.8% from the December 2020 average of $309,200.

Mascall’s home is proving to be an increasingly attractive purchase for women. According to the BofA survey, 80% of women were excited by the prospect of owning a house. 92% thought it would be an amazing achievement.

It’s not necessary for women to remain in the same mindset of having to marry.

Kathy Cummings

Bank of America senior vice president of homeowners solutions and strategic partnerships

That’s in addition to the fact that 60% of potential female homebuyers feel they have made it, as opposed to 52% for single men. Almost half of current single women homeowners — 46% — said they were proud to tell other people about their homeownership status, compared to just 35% of their single men counterparts.

A home is a great way for single women to increase their wealth.

It can be cheaper than renting, in some ways. Mascall made an appointment to receive quotes for renovations she wanted to carry out on her new home just days before she purchased it.

Cummings said that while some women might feel they can’t buy a house on their own, this is a common misconception. Cummings said that she doesn’t believe women have to remain in the same mindset as married couples.

Becoming more aware of common misconceptions.

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Other common misconceptions — that you have to have a 20% down payment, perfect credit and no student loan debt — may also hold some women back.

Cummings explained that Bank of America, as well as other financial institutions, offer financial products which allow prospective homebuyers to get financing as little as 3 percent down. Your income, and other factors may also make grant funding possible.

You will be able to get better deals if you have a good credit history. However, there are still options for those with low credit scores. These choices come at higher prices.

Cummings says the most important thing is to research what you can find.

She said that the journey between buying a house and closing is different for each person. The process could be as long as two or three years.

You can meet with a financial expert to assess your options and determine what priority actions you should take to pay down debts.

“Educate yourself,” Cummings said. Cummings said, “Learn all that is possible and don’t let it go just because you are a woman.” The homeownership tool can help you build your financial future.