Over the years, many generations of independent women have fought for their rights to vote, to work, to decide whether or not they want children, and even to dress the way they prefer. Although we’ve come far as a society over the past several decades, there is still a glass ceiling to break. There’s still much work to do.
One key indication is that women are still only half as likely as men to take risks. Perhaps this is why, until recently, women were also less likely to own homes. Some experts blame the current gender gap on society’s failure to teach women (and young girls) that it’s okay to take risks.
Luckily, that trend appears to be changing. Record numbers of single women have been purchasing their own homes in recent years. In fact, single women now own twice as many homes as single men. Why is that?
For one thing, the modern woman has access to family planning. She’s more likely to postpone marriage in favor of furthering her career and creating her own financial stability.
Oh, and let’s not forget the number one reason that single women are purchasing their own homes: because they simply want to. “I can live alone and fabulously,” a single female homebuyer recently told Bloomberg. “I feel empowered.”
Of course, home ownership is a huge commitment and it’s not for everyone. If you’re considering whether it’s right for you, here are two major things to consider when determining what you can (and can’t) afford:
- Your monthly payments. Consider your income, monthly expenses, and monthly mortgage payment – including principal, interest, real estate taxes, homeowner insurance, and any homeowner association fees. Make sure your new home isn’t more than you can actually afford.
- Your total debt. This includes credit cards, car payments, student loans, unpaid medical bills, and any other debts that you’ll have in addition to your mortgage.
Experts recommend your debt not exceed 36% of your gross income. Meanwhile, your monthly mortgage payments should not exceed 28% of your monthly income. Therefore, it’s important to do some advance planning and preparation before you begin your journey to homeownership.
The experience of purchasing your first home is a brave and empowering experience for anyone. This definitely rings true for today’s single woman. You are worthy and you are capable of owning your own home – so what are you waiting for?
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