The rise of the solo female homebuyer: A smart financial decision

For decades, homeownership has been considered a milestone of financial stability, yet in recent years, single women have quietly been rewriting the narrative.

Today, solo female homebuyers make up 20% of all first-time homebuyers — outpacing single men by a significant margin, according to the National Association of Realtors’ 2024 Report on Home Buyers and Sellers.

This isn’t just a cultural shift; it’s a strategic financial decision. Much like business owners, women understand that long-term wealth isn’t built through renting. It’s built through ownership. A home is more than just a place to live; it’s an investment that can provide equity growth, financial security, and opportunities for leveraging assets. And for female entrepreneurs, homeownership and business ownership go hand in hand.

Why more women are choosing homeownership

Despite earning on average 83.6 cents for every dollar earned by their male counterparts, single women own 2.72 million more homes than single men, according to LendingTree. This trend highlights an important financial truth: women recognize the power of homeownership as part of a comprehensive investment portfolio and wealth-building strategy.

For women in business, owning a home mirrors the same principles that drive successful entrepreneurship. A mortgage provides stability in a way that rent cannot, offering fixed costs instead of fluctuating lease prices. Homeownership also introduces tax advantages similar to those available to business owners, such as mortgage interest deductions and property tax benefits, which can strengthen long-term financial standing. And perhaps most importantly, a home is an asset that appreciates over time, much like a well-run business.

Homeownership as a business-minded investment

Successful business owners understand the importance of making strategic, long-term financial decisions. Homeownership, when approached with the same mindset, becomes a tool for financial growth rather than just a personal milestone.

Women who own businesses often think about real estate beyond personal use. They consider homes in emerging markets with strong appreciation potential, factor in rental opportunities for additional income streams, and evaluate tax benefits that align with their broader financial goals. In the same way that securing a commercial space can stabilize business expenses, purchasing a home provides predictability and control over one’s financial future.

Financial strategies for women navigating homebuying process

Just as a well-run business, homeownership demands careful financial planning. One of the first steps is ensuring strong credit, an essential factor in securing a competitive mortgage rate. Just as a business’ creditworthiness influences loan approvals, a homebuyer’s credit score determines borrowing power. Keeping credit utilization low and maintaining a solid payment history are key to positioning oneself for the best possible financing terms.

Another critical component is building financial reserves. Savvy business owners keep cash flow in mind, and future homeowners should do the same. Establishing a dual-purpose emergency fund that accounts for both personal and home-related expenses ensures financial stability. Owning a home comes with maintenance costs, property taxes, and insurance — expenses that, when planned for, don’t have to be disruptive.

Understanding available financial programs also can make a significant difference. Bank of America, for example, offers tailored solutions such as down payment assistance and closing cost grants to eligible buyers, making homeownership more accessible for first-time buyers. Just as businesses take advantage of financing options to optimize cash flow, homebuyers should explore programs designed to support their journey.

Within Bank of America’s Chicago financial centers, prospective homebuyers can connect with mortgage specialists to understand their buying power, secure financing that aligns with their financial goals, and take advantage of the myriad programs available to them. Beyond home loans, we offer business banking solutions that help female entrepreneurs manage cash flow, access credit, and build the financial foundation needed for both personal and business success.

Financial success isn’t just about making money — it’s about making smart financial decisions that create long-term stability — in business and in homeownership. Visit us in your community to learn more about our commitment to women as homebuyers, business owners, and investors.

• Jennifer Tait is a credit solutions adviser for Bank of America in Lake Zurich where she provides customized lending support to individuals and small business owners so they can achieve their goals.