When Nicki Mayo’s mother offered to sell her the Baltimore home where she spent her childhood, Mayo firmly declined. At the age of 32, she recognized the difficulties of living in a neighborhood plagued by crime.
Though she contemplated the idea of renting the property, Mayo soon understood that handling tenants would be a demanding commitment. Additionally, fluctuating interest rates posed another hurdle. Ultimately, the journalist waited over ten years before buying her first home in Bowie, Maryland—not entirely by choice.
“As journalists, we often relocate frequently,” Mayo explained. “This constant movement diminishes our opportunities to establish creditworthiness that lenders seek. My career has involved changing locations every couple of years, making stability elusive.”
Mayo also pondered another route towards homeownership that many assured her would lead to security: marrying a man who would provide stability.
“That Christian husband never materialized,” shared the 45-year-old. “I was taught that waiting for ‘he who finds a good wife finds a good thing’ was the way to go. The belief was that I needed to be under the protection of some ideal partner, and together we would secure a house.”
A recent report by the National Association of Real Estate Brokers (NAREB)—titled “The W.I.R.E Whitepaper Report 2023: The Landscape for Black Women Investing in Real Estate”—revealed that many single Black women delay homeownership until an average age of 45. The resulting 30-year mortgage means they could still be making payments well into their retirement at age 75.
The NAREB report highlights several reasons that contribute to this trend, including credit issues, fear of financial strain, and a general tendency to delay buying a home.
“We analyzed Home Mortgage Disclosure Act data to examine when women—particularly women of color—are seeking loans,” explained Dr. Sheri Smith, a co-author of the report. “The challenges seem multifaceted, and there’s not just one reason why the majority of Black women applying for loans do so at the age of 45.”
Financial Challenges and Prioritizing Others Over Homeownership
Women of African descent frequently juggle multiple roles—including career, motherhood, and caregiving—often at the expense of their own housing aspirations.
Some single Black women find the prospect of homeownership more attainable after their children have left for college. However, many reported being discouraged from pursuing loans due to high debt and poor credit. Interestingly, much of the debt isn’t theirs alone.
“Frequently, it’s not their debt directly. They may help loved ones with co-signing for loans or other financial obligations, which negatively impacts their own debt-to-income ratios,” Dr. Smith pointed out. “Some of the responsibility falls on the financial institutions, while other aspects require women to manage their credit more carefully. Many try to wait until student loans are paid, but consistent payments can actually improve their credit profiles.”
Mayo’s own journey was not without financial obstacles.
“On top of everything else, I simply didn’t have enough money, so buying a house was not on the table for me,” Mayo remarked.
Becoming Attractive to Lenders Rather Than Suitors
Now a homeowner for two years, Mayo bought her house at 43 and has vowed to remain in it unless her family circumstances change. She is grateful for the stable income that has made her more appealing to lenders.
“I have faith in love and in what God has planned for me,” said Mayo, who also teaches at George Washington University. “looking back, my 20s and 30s were spent anticipating a husband to appear. I followed the advice to prepare myself as a woman of faith, get educated, and pursue my career, waiting for ‘the one.’ This mindset really slowed my progress.”
While societal expectations may deter Black women from pursuing homeownership, former D.C. renter and Howard University graduate Maya Gilliam doesn’t fit into NAREB’s 45-and-over bracket. She purchased her first home in North Carolina alongside her sister at 22, shortly after college graduation. By her late 20s, she acquired additional properties for her growing spa business, which she later sold to fund Ma’ati Spa Ghana, a successful venture overseas, along with two homes in Ghana.
“Waiting for marriage prior to making significant life decisions—like buying a home—is a big mistake,” asserted Gilliam, now 40 and debt-free. “That’s especially true for Black women in America. At Howard, the ratio of women to men was a staggering 13 to 1. Delaying for a partner might leave you among the majority who never own property. Many potential partners may lack the financial resources to assist with homeownership, making it imperative to start investing in property as young as possible.”
Cher Castillo, an associate broker at Corcoran McEnearney in D.C., revealed that about 85% of her clients are professional Black and Brown single women aged 27 to 35.
“My clients aren’t adopting that wait-and-see mentality,” Castillo said. “Instead, they’re focused on investing now, even if it means purchasing a smaller property as a stepping stone for future investments. I often receive inquiries about buying a home without a partner’s involvement, and my response is consistently that it’s a great idea.”
“I bought my first house at 22 while I was single, and it was the best choice I made. After selling it at 25 for a $250,000 profit, I used those funds to acquire another property and invest further in my future,” Castillo shared. “If marriage does come along, you’ll have an asset to manage as part of your long-term wealth.”
Support and Resources Are Available
Despite the allure of success stories, navigating the complexities of homeownership—understanding interest rates, managing debt-to-income ratios, exploring down payment assistance options, and organizing home maintenance—can be daunting.
NAREB’s report advocates for collaborations with educational institutions and community organizations to sponsor financial literacy classes. Additionally, they recommend providing post-homeownership counseling for seniors to help them maintain ownership and pass properties down through generations.
Bobbie Wasserman, based in Santa Monica, California, founded Single Lady Estates to empower women facing challenges in homeownership. Through workshops, blogs, and podcasts, she guides participants through the intricacies of purchasing a home in a supportive environment.
“Many women feel that they lack financial acumen, often earn less than men, and struggle with confidence and community support,” Wasserman explained. She runs virtual workshops on first-time home buying, selling properties, and financial literacy. “The Greater Washington D.C. Homeownership Strike Force aims to assist 20,000 individuals in becoming homeowners by 2030. The future is unmistakably female-driven, with women gaining education and employment so they can invest in their own homes instead of continuing to pay rent.”
“As Baby Boomers pass away, their inheritances will be distributed more equitably than in the past, empowering women to purchase property,” Wasserman added. “Many women are experiencing ‘the great divorce,’ leading to newfound financial independence, while others are approaching retirement with savings to invest. Trends suggest that by 2030, we will witness a significant surge in property acquisitions amongst women.”
