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Owning A Home Has Also Become A Keystone Of A Long-term Financial Strategy, Particularly For Women

Are you aware that...

More and more single women are buying homes on their own these days, while others are becoming solely responsible for their houses after a divorce, the death of a spouse or other relative? But for all these women, home ownership has its share of challenges and rewards. So, in a special week-long series called “Today's Money for Women,” Jean Chatzky, “Today” financial editor and Money Magazine editor-at-large, discusses women and home ownership. In day one, Chatzky talks about why women are going it alone.

You've probably heard that thanks to divorce and the fact that women outlive men, 90 percent of women will be solely responsible for their finances at some point in their lives. Now a new study conducted on women and homeownership by Matthew Greenwald and Associates for Sears, Roebuck & Co. notes that almost as many as that will be solely responsible for their homes at some time in their lives. That means they are responsible for the upkeep, the maintenance, and of course the bills. But, Fannie Mae estimates that by the year 2010, there will be 31 million women-headed households in the U.S., nearly 28 percent of total households.

Why are so many women buying or interested in buying?

We want financial security
Owning a home has also become a keystone of a long-term
financial strategy, particularly for women, explains Kermit Baker, senior economist with Harvard University's Joint Center for Housing Studies. Over the last few years particularly, as the stock market has been rocky, real estate has continued to appreciate. It has also been less volatile — although not as fast growing — over the long term. That's a big deal, particularly to women who worry more about finances than men do.

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