Have you ever considered how you or your significant other would feel if she couldn’t buy a home because she wasn’t married? Throughout history, women have worked to achieve financial equality, including the right to buy a home.
Since International Women’s Day was earlier this month, here is a timeline of the changes that eventually empowered women to live independently in a home of their own.
1960s: The Fair Housing Act of 1968 prohibited discrimination in real estate on the basis of sex, race, religion and other protected classes. In addition, the Equal Pay Act of 1963 was introduced, although data shows that women have still not achieved 100% equal pay.
1970s: The Equal Credit Opportunity Act of 1974 outlawed banks from refusing loans and credit to unmarried women.
1980s: By 1981, there were more single women homeowners than single men. The pay gap also narrowed. By 1980, women were earning 64% of men’s wages.
1990s: Better educational opportunities and higher earning potential enabled more women to become homeowners. Nearly a third of American households were headed by women.
2000s: Women’s home ownership rates kept rising during this decade.
2010s: Women’s home ownership gains became “stuck” at 15% in 2014, according to NAR. However, stats began to reflect that women also had lower foreclosure rates.
2020s: As of 2021, 19% of homebuyers were single women. Households headed by women reached 60%.
Women have made significant accomplishments in the housing market over the past 30 years, achieving higher homeownership and headship. For more information on how to achieve your dream of homeownership through a mortgage process that feels like a win, we invite you to contact us.