65% of women would buy a home without being married first. What to know if you’re one of them

Anna Mascall pictured in front of the Easton, Pa., home she recently purchased. “To be able to say I own a home, I kind of did the American dream,” she said.

Anna Mascall decided to buy her own home after years of renting.

She lives in the rural area of Pennsylvania where urban residents began flocking after the Covid-19 outbreak.

When the owner of the house she was renting decided to sell and give Mascall first dibs, she thought her homeownership dreams would be out of reach.

She jumped at the chance to own a home. Mascall moved into her new house this week.

What the Fed's plan to raise interest rates means for you, and how to get a faster tax return.

She said it was a huge dream of hers to own her own home.

Mascall admitted that she was hesitant about approaching this milestone without a partner.

Society tends to dictate a certain chronological sequence for life events, first comes marriage and then buying a home.

According to a recent study from Bank of America, single women like Mascall are changing those rules.

According to the study, nearly two-thirds of single female prospective homeowners prefer not to wait until marriage to buy a home. 30% of current female homeowners purchased their homes while they were single.

With the delay in getting married and starting families, I think it's logical that 65% of single prospective homeowners would choose to be homeowners without having to get married first.

It can be difficult to buy a new home in the current market due to high prices and rising mortgage rates. The median existing home price in the US was $358,000 in December, a 15.8% increase from the previous year.

Mascall's purchase is proving to be a source of pride for women. A survey by the BofA found that 80% of women are excited about the idea of buying a home on their own.

I don’t think women need to be limited any longer by the old mindset that you have to be married.

Half of prospective female homebuyers said they will feel like they have made it when they buy their own home, compared to only half of single men. Almost half of current single women homeowners are proud to tell other people about their homeownership status, compared to only 34% of their single men counterparts.

Single women are learning that owning a home can be a way to increase their wealth.

It can come with less strings than renting. Just days after buying her home, Mascall has already made appointments to get quotes on some renovations she would like to make that she couldn't do before as a renter.

Some women may feel that buying a home on their own is beyond them, but that is just a myth.

Some women may be held back by the misconception that you have to have a 20% down payment, perfect credit and no student loan debt.

Prospective homebuyers can get financing with as little as 3% down if they use financial products from Bank of America and other institutions. Depending on your income and other circumstances, grant funding may be available.

A good credit score will help you get a better deal. There are options for borrowers with lower scores that come with higher costs.

Do your research and find out what's out there.

She said that the journey from deciding to buy a home to actually closing on that transaction varies from person to person. It could take a while.

By meeting with a financial professional and assessing your options, you can find out what priorities you need to make to get ready, such as paying down debts.

Don't dismiss it just because you're a single woman. Homeownership can be used to build your financial future.