Women and homeownership: closing the gap

Across the country, women are buying homes in record numbers, surpassing all odds in an increasingly unaffordable housing market. However, the full story is more complicated than the headlines suggest. Women-led households have made real gains in homeownership over the past few decades (women were not assured the right to take out a mortgage until 1974); yet many women still face stubborn barriers to getting in the door and building the same long-term wealth from housing that men do.

Traditional one-size-fits-all approaches overlook how age, income, caregiving and market dynamics uniquely affect women’s path to purchasing and paying down a home. At Credit Human, we believe that personal, human-centered financial guidance, paired with accessible, mission-driven lending is key to unlocking equitable homeownership and sustainable home equity growth.

Women and homeownership today

Women have made a lot of progress in buying homes over the years. In 2022, single women owned 58% of the roughly 35.2 million homes owned by unmarried Americans.¹ Similarly, married, female-headed households owned homes almost as often as men-led households. Today, women are more likely to have jobs and college degrees, which helps raise their homeownership rates.

While we celebrate the progress that has been made, there is still a lot of work to be done. Even though single women buy more homes than single men, they usually end up with less home equity because they tend to buy later in life, pay more for their homes than men and earn less when they eventually sell. Additionally, more married couples now report the woman as the head of household. Since married households are much more likely to be homeowners, this change makes it look like women have caught up more than they actually have.

Here are some other factors that often get missed:

• Age composition matters
  Older adults are more likely to be homeowners, and there are simply more older single women (including widows) than older single men. A third of single women household heads are 65+, versus 22% of single men—tilting the overall numbers. In most age groups, single men actually have higher homeownership rates than single women.
• Progress can mask pain points
  Women-led households’ homeownership rate has climbed and the overall gender gap has narrowed since 1990, but single women—especially single mothers—still face significant hurdles, including lower incomes and higher caregiving responsibilities.
• Equity growth lags
  Even when women buy, research shows they often pay more and earn less on resale, resulting in smaller housing returns and less wealth over time.²

The bottom line: gains are real—but so is the structural and market-level friction that holds many women back from building wealth once they own.

A different way to think about homebuying

Homeownership matters, but it’s not the whole story. If a homeowner can’t comfortably keep up with costs later on, they may lose equity or rack up debt, both of which can hurt them in the long run. Women may buy homes that stretch their spending too thin, or they may miss opportunities to build equity because no one ever showed them how. A home is often the biggest financial anchor someone will ever have. When women are truly supported in making confident homebuying decisions, the impact ripples outward, resulting in more stability for families, more predictable spending plans and more long-term wealth that can be passed down.

Here are a few considerations to keep in mind when embarking on a homebuying journey:

1. Aim for a home that leaves breathing room
   Instead of stretching the purchase price of a home to the top of a preapproval, consider choosing a payment that leaves enough space for savings, surprises and maintenance (1-2% of the home value per year), so you can live the life you want. Additionally, you can create more breathing room by asking about down-payment assistance, lender credits and mortgage insurance structures that lower lifetime costs. A slightly smaller purchase with improved terms can lead to stronger equity long-term.
2. Look at the true cost, not just the monthly payment
   Mortgage insurance, property taxes and older-home repairs can add up quickly. By taking the time to understand the true costs of each before you purchase can give a clearer picture of what your monthly expenses will be.
3. Think about the resale value from the beginning
   Even if you plan to purchase your forever home, life can sometimes throw unexpected curve balls. By focusing on homes with solid foundations, roofs and heating and plumbing systems, you can protect your future equity in the event you ever need to sell the home. Given evidence that women often pay more and net less, try to use data-driven comps, inspection leverage and repair credits to avoid overpaying on the way in.
4. Create a simple, three-year plan
   Make a list of all the upgrades or maintenance items that protect your home’s value and spread the cost of each out, so it feels manageable when it’s time to take action. For example, setting aside $100 a month into savings will total $3,600 after three years, which is enough to purchase a water softener or a couple of new windows when needed.
5. Find guidance that feels authentic
   If you’re a younger, single buyer, your challenges and opportunities are different than someone who is late-career and married. Purchasing a home is a big decision and you don’t have to do it alone. Talk with someone who understands your goals, your lifestyle and your hopes—not just your debt-to-income ratio.

A final thought

Women have moved mountains in homeownership. The next step is making sure those homes truly support long-term financial well-being. With thoughtful planning and lending that puts people first, homeownership can become a steady source of security—not added stress.

If you’re exploring what homeownership could look like for you, we’re here to walk alongside you. You can learn more about Credit Human’s home loan options or visit a Financial Health Center to talk with someone one-on-one. There’s no pressure—just a chance to ask questions, explore possibilities and get support that fits your life.

Resources:

1. Pew Research Center, “Single women own more homes than single men in the U.S., but that edge is narrowing” (June 12, 2023)
2. Urban Institute, “Unmasking the Real Gender Homeownership Gap” (Mar. 28, 2023)