MReport July 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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M R EP O RT | 39 O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST ORIGINATION Homeownership Among Single Women Rising Report: Single women prioritizing homeownership over children, marriage. I n a blog post by First Ameri- can, Deputy Chief Economist Odeta Kushi said that single women are playing a large role in the rising homeownership levels since 2016. The homeownership rate for single women (including wid- owed, separated, or divorced) was 2.2% higher than single men, according to new data. Also, a 2018 report by Bank of American found that single women priori- tize owning a home more than single males (73% vs. 65%). Single women are also prioritiz- ing homeownership over getting married (41%) and having children (31%) The overall homeownership following the Great Recession hit a low of 63% in 2016 but has since rebounded to 65% in 2019. Kushi added that the single- female homeownership rate has followed the national homeowner- ship rate, increasing in the early 2000s and peaking in 2005, then falling after the recession. According to First American data, the homeownership rate for single women has increased from a 20-year low of 49% in 2016 to almost 51% in 2019. Also, data from Freddie Mac confirms that the volume of their purchase mortgage customers who are single women has risen 30% from 2010 to 2019. Homeownership increased in 24 of the top 50 markets in 2019 compared to 2018. Richmond, Virginia, led the nation in home- ownership rates for single women at just under 65%. Columbus, Ohio; Tampa, Florida; and Charlotte, North Carolina, fol- lowed and had homeownership above 60%. Additionally, the homeowner- ship gap between single women with no high school degree or just a high school degree com- pared to those with a bachelor's degree or higher was 7% in 2000 and is now 9%. The number of single women with a bachelor's degree or higher has increased from 20% from 2000 to 31% in 2019. The share of single women with a graduate degree has more than doubled during that same timeframe. The average household income among single women has increased by an annual pace of 0.6% from 2000 through 2019—double the national average pace of 0.3%.

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