Why Single Women Should Consider Home Ownership
Home ownership can be a powerful step for single women, offering both financial and personal benefits. Here’s why it makes sense:
Key Points
- Research suggests single women benefit from homeownership for financial security and wealth building.
- It seems likely that owning a home can provide long-term stability, especially given women’s longer life expectancy.
- The evidence leans toward homeownership empowering single women, offering independence and potential passive income through rentals.
Empowerment and Independence
It makes sense to have a nice place to live and a future investment that can help enhance your retirement. The sooner you are able to start this process the less stressful life will be later. If you own a property BEFORE getting married or cohabitating with someone else, that property can remain yours and does not have to become community property with your significant other. You will need signed legal protection to ensure that protection remains in place assuming you want to safeguard your real estate investment.
Financial Security and Wealth Building
Owning a home is often seen as a way to build wealth, especially for single women who may face a gender pay gap. Research shows that homes typically appreciate over time, increasing personal equity and net worth.
For example, a homeowner who bought in 2011 saw an average wealth gain of $225,000 by 2021 (Single women are racing ahead of men in homeownership. Here’s why.). This can help bridge financial disparities, particularly since women earn about 80 cents for every dollar men earn.
Getting rich through real estate is a slow but steady process More people have become multi-millionaires through a program of long-term investment in real estate than most other methods available.
Potential for Passive Income
Starting with a small single-family home and later using it as a rental can generate passive income. You should be content to live there comfortably at least five years. As your income and savings increase and your needs and desires for housing change, you should consider keeping that first property and using it as a rental property.
Another option – if you want to jump-start your real estate wealth-building program you could start with duplexes and triplexes. Living in a duplex or triplex and renting out other units can cover mortgage costs and provide extra cash flow.
The Benefits
Over time, multiple paid-off properties can offer flexibility for retirement, either through continued rentals or selling for capital gains. This provides the wealth and flexibility you need for a stress-free, happy retirement.
The tenants pay off the mortgage balance, you earn a small amount of money monthly from the rents, and inflation will increase the value of the property.
Got Questions? Call Tom To Learn More
From Tom:
I have been a Realtor for more than 50 years I have assisted many people in becoming multi-millionaires including myself and I can do the same for you.
If you have an interest in pursuing this further please feel free to arrange an interview so that I can answer any questions you may have.
