5 Ways Women Can Prepare for Homeownership
Buying your first home is hands down, one of the most exciting and possibly one of the most overwhelming milestones you can achieve as an adult. Whether you're doing it solo, with the support of a partner, or with a growing family, homeownership can provide a pathway to build stability, generational wealth, and a sense of rootedness.
We are seeing women leading the charge as first-time homeowners. The US Census Bureau found that single women own 2,719,923 more homes than single men across the U.S.. Although women’s weekly earnings are 83.6% of men’s, we are still solid in the real estate market.
If you’re starting to think, “Okay, I’d love to buy a home someday, but where do I even start?” — keep reading, someday could be closer than you think. These five clear steps will help you start clarifying the process, get organized, and move forward with complete confidence.
1. Get Clear on Your Why
Before you start panic-browsing Redfin at midnight (trust me, we’ve all been there), take a moment to ask yourself why homeownership is important to you.
A few real questions to consider in this preliminary stage:
Is it about building generational wealth and starting my legacy?
Is it to create income through an investment property, or to possibly retire early?
Is it about curating the dream cozy space that you can call your own?
Tired of rent increases??
Knowing your unique personal “why” will help guide your decisions, from the kind of home you pursue to the neighborhoods that you’d consider living in. Take the time to journal or reflect on what “home” really means to you. We know it means so much more than four walls. This clarity will keep you grounded when things get real and the logistics start to get real well… logistical.
2. Know Your Numbers
Knowing your numbers is an essential part of the homeownership journey. Securing a solid view of your financial landscape can empower you to own the home of your dreams.
Here’s where to start focusing on your finances:
Your credit score: Aim for at least 620 to qualify for most conventional loans (but the higher, the better!).
Debt-to-income ratio: Lenders prefer to see that your monthly debt is under 36% of your income (monthly recurring expenses, not the total debt amount, such as car payments, credit card payments, etc.).
Savings: You’ll want to have money for a down payment, closing costs, earnest money, and an emergency cushion fund (more on that next).
Hot tip: Use tools like Credit Karma or Experian to monitor your credit score. Also, apps like Mint, Rocketmoney, or YNAB (You Need A Budget) can help you audit your monthly expenses. Be kind to yourself for any missteps, but be realistic about where you are at financially! Think of this as laying the financial foundation, brick by brick, for your future home.
3. Build a Dedicated Home Fund
Congratulations - you now have a clear understanding of your financial landscape! The next step? Start saving like a woman on a mission 💸
Here are some typical areas that you’ll need to save for:
A down payment (anywhere from 3% to 20%, depending on the type of loan),
Closing costs (around 2%–5% of the purchase price),
Move-in/emergency funds (in case you need to replace that 10-year-old couch that has been in three different homes).
Hot tip: Consider setting up a separate high-yield savings account labeled “Home Fund” to keep it organized and easily accessible. Automate a weekly or monthly transfer, even if it’s a small amount. Celebrate every deposit — you're investing in yourself!
4. Get Educated on the Process
The homebuying process can feel like it has an endless amount of steps, and the language can make it feel even more intimidating (like what even is escrow?). But that does not mean it is impossible to learn. You are in the right place if you want to know the ins and outs of homeownership.
Take time to get familiar with the basics, like:
Getting pre-approved for a mortgage
What is it like working with a real estate agent (we know a few to connect you with!)
Making an offer on a home
Scheduling an inspection
Navigating closing
The good news is that we have your back and are working on resources (blog posts and free downloadable resources) to help you navigate each of these bullet points.
5. Build your Dream Team
This is not a solo project, so let’s talk about your all-star lineup:
A real estate agent who listens and advocates for you
A lender or mortgage broker who explains your financial options in a way that makes sense
Friends or mentors who’ve been through this wild ride and can offer guidance
Hot tip: Don’t be afraid to ask for a referral (we are building out our trusted referral list right now, so stay tuned). Ask your network, read reviews, and don’t be afraid to interview multiple pros. You deserve a team that shares your vision and supports you throughout the entire process.
Final Thoughts
Buying your first home is a *major* milestone, and the good news is that you’re more than capable of making this dream a reality. Don’t worry about having it all figured out on day one. It’s truly about taking baby steps, starting the process, and getting support along the way.
So, whether you’re at the start of the homeownership process or working hard to save and view all the homes, please remember that you are doing the right thing! Homeownership is on the horizon, so you should feel proud that you are doing your best to prepare for this next step in your journey.
Ready to take that first step? Reach out to us, and we can connect you with the right resources and support.