Since graduating from high school, Alicia Ingram had a goal: to purchase her own home. “I was taught that having a home was a stepping stone to financial security,” says the twenty-eight-year-old Atlantan, who owns her own public relations and consulting company.
In 2005, Ingram decided it was time to realize her dream. She left her rented apartment, moved into her father’s vacation home in the suburbs and started saving. Within a year, she grew her business and saved about $10,000. It was time.
But was it? Where was the husband, the kids?
Actually, who needs ’em?
Within the last few years, single women like Ingram have been buying homes at record rates nationwide. From July 2005 to June 2006, 1.76 million single women purchased a home, comprising 22 percent of the market, up from 14 percent a decade ago, according to the National Association of Realtors.
Why? Single women are educated, earning big bucks, and recognizing real estate as a solid investment. “I wanted my home to be good business decision,” she says. “I was looking at it as an investment as well. I wanted it to have good resale potential.”
Ingram did her homework by researching various mortgages, talking to realtors and others in the industry, and enlisting a friend who is an underwriter for a mortgage broker. She created a list of features she wanted in a home: new construction, close to downtown Atlanta and shopping, three bedrooms and a garage. She found all that in a friend’s neighborhood, a new development close to the Atlanta airport. In February 2006, Ingram closed on a three-bedroom, two-and-a- half-bath house, purchased for close to $200,000. “I love it,” she says. “Every day, I think it was a good decision.”
Owning her own home has given Ingram a sense of independence, she says. “Every single person has to have a time in their lives when they’re able to hold their own,” Ingram says, adding that she plans to acquire more real estate. “For me, the thought of waiting until I get married to own property never occurred to me.”
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Comments
yes holding your own important when single. owning a home teaches many responsibilities and makes a single woman independent and shows her she can do it whether she gets married or not, not to mention good investment for her financial future. i never did own a home when single and that was a big mistake but when i was younger there were no options of owning a home as a single woman unless you had lots of money or knew someone. we have come along way too. the mortgage industry has to recognize us now and our ability to make a mortgage payment thank god! my younger sister did just that last yr after being married for yrs and my hat goes off to her!!!
This is a great article that will empower women to make informed decisions. Despite people telling me it was too risky, I bought a condo in Santa Monica when I was 25 years old. It's by far the best investment I've ever made. I think every woman can set herself up to be a homeowner if she takes the time and energy to research it.
This is an excellent article full of the same common sense decisions that I made when purchasing my own home as a single professional woman at 31. The best advice is to buy less than what you qualify for. When you are paying all of the utilities, water, and any extras, those add up quickly. Especially during the summer months (I live in a warm climate). If you are not sure how to fix things and keep a house maintained, there are a lot of resources on the internet or at your local hardware store. Or, with the extra money that you saved by having a cheaper mortgage, there is always a skilled tradesperson who will fix things for you!
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