• Karla Cobreiro, 33, lived with her parents for nearly 10 years to save up enough to buy a home.
• In 2022, she bought her first home in South Florida without the help of a partner or spouse.
• Cobreiro said solo homeownership can be challenging, but she likes not having to compromise.

This as-told-to essay is based on a conversation with Karla Cobreiro, a 33-year-old vice president at global PR firm Quinn who purchased a home on her own in 2022.

The National Association of Realtors found that from July 2023 to June 2024, single female buyers made up 20% of all homebuyers, outpacing single male buyers, who made up only 8%.

The interview has been edited for length and clarity.

I'm originally from Cuba. My parents moved to the US when I was four, and I grew up in Miami.

I left at 18 for college, then moved back home after graduation to save money for my future. I'm grateful for that time, and I know many would love the chance to do the same.

Still, I didn't want to live with my parents forever.

Living at home meant sacrificing some privacy. There was commentary about what I was doing, why I was doing it, and how. It wasn't ill-intended, but it could feel like a lot at times.

By my 30s, the decision to move out really came to a head. I asked myself: "Does it make sense to keep living at home to save money, or should I take the leap and buy my own place?"

In the end, I decided to buy a home. I'd never truly lived alone, and I wanted my own space and control over my future. Most importantly, I was ready to start a new chapter.

I didn't have a partner then, but I didn't think that should stop me. So I went for it.

I was financially prepared to buy a home alone

For many immigrants, homeownership is a big part of the American dream. It was never a question of whether I would own a home, but when.

Knowing I'd be doing it all on my own, I approached homeownership with a methodical mindset.

I didn't want to be house-poor or struggle financially. I waited for the right moment — when I had a higher-paying job, had saved up a large down payment, and had built a solid emergency fund.

I lived with my parents for almost 10 years after college to save and set myself up for the expenses of homeownership: a down payment, mortgage, HOA fees, utilities, and insurance.

In November 2022, at 31, I bought a 900-square-foot condo in Downtown Doral, a suburb of Miami, for about $400,000.

Sometimes, I wish I hadn't overthought it or waited so long.

House hunting was a challenging experience

My homebuying journey started during the COVID-19 pandemic, when home prices and mortgage rates were much higher than before. By 2022, the South Florida real-estate market was incredibly hot.

Although I was financially ready, it was a tough time to be a buyer.

I found myself in bidding wars for homes, often walking away because properties were selling for $30,000 or more over the asking price, especially with so many cash offers.

I cried more about real estate than anything else. My twin sister, a real-estate attorney, helped me navigate the process. I would call her, frustrated, asking, "What's going on? This is insane! I didn't realize buying a house would be this hard."

I felt I had done everything right: I graduated from college, got a job, earned a master's degree, paid off my student loans and car, and saved 25% for a down payment. I had an 800 credit score and liquid assets — all on my own, without help from my parents.

I had checked the boxes and followed the appropriate steps in life. But despite all of that, I was met with rejection after rejection from sellers.

For a while, I couldn't see the light at the end of the tunnel and thought I would be stuck in my parents' house forever. But after a year of searching, my offer was finally accepted on the third home I bid on.

My condo is an investment in my future

I live in a one-bedroom, one-bathroom condo with a den, and my HOA fees are about $1,000 a month.

I have a 30-year mortgage with an interest rate of around 5%, and my mortgage payment is about $2,500.

The unit is smaller than if I were a DINK — someone in a dual-income household with no kids — but I think it's the perfect size for me.

The condo has a work-from-home space and enough room to entertain, plus a stunning, unobstructed sunset view.

I renovated everything except the floors, so I now have a brand-new bathroom and kitchen. My dad, who works in construction, helped with the renovations (and is always on speed dial for anything I can't handle myself).

I'm not sure how long I'll stay here, but I hope it's for a while. Maybe one day, I'll find a partner, and we'll buy a home together, and turn this place into an investment property.

I specifically wanted to live in a condo because didn't want to deal with yard work and, as a single woman, I felt it would be safer.

My building has concierge services, security, and a gated garage. The ground floor also has shops, cafés, gyms, and other stores.

When I lived with my parents, I was in a very suburban, family-oriented area where I had to drive everywhere — even just to get to the supermarket. There were no cafés or anything nearby. It wasn't the lifestyle I wanted.

Now, my place is very central, with easy highway access to anywhere I need to go in about 10 minutes. The neighborhood has a downtown vibe, is walkable, and offers plenty to do.

Buying a home alone was the right decision

Owning a home as a single woman is like a roller coaster — there are ups and downs.

Though I live comfortably, If I get laid off, break a leg, or face an emergency, I'm on my own. I always joke to my friends, "It's just me and this mortgage."

Still, I'm glad I didn't wait until I was in a relationship or married to buy a home. Owning a home with someone you're not committed to can get tricky, especially if you break up. There's no prenup and if you disagree about selling, that can get messy.

I enjoy owning alone because I can selfishly make decisions without having to compromise. I get to decorate my home however I like —and have the entire closet to myself.

Looking back, it was the right time for my parents and me to branch off and live our lives — me as a single woman in my 30s, and my parents as empty nesters.

We all have different paces and lifestyles now, but occasionally, I do miss living with them. It was nice hanging out, having my laundry done, or enjoying one of their home-cooked meals.

I love them to pieces, and I'm truly grateful for their support and encouragement.

• The infamous "lock-in" effect that's restricting home supply may be going away next year.
• Realtor.com's chief economist expects more homeowners to list their homes for sale in 2025.
• High levels of home equity and life changes will encourage home sales, Danielle Hale said.

2024 has been a tough year for homebuyers.

Affordability levels are still low with elevated home prices and mortgage rates. A huge jump in mortgage rates to around 6.8% today from under 3% in 2022 has also created a "lock-in" effect, where existing homeowners don't want to sell into a higher mortgage rate environment than when many of them bought — further limiting home inventory coming onto the market and sending prices soaring even higher.

There's reason to be optimistic, though. The US housing market will see more favorable buying conditions in 2025, according to Danielle Hale, chief economist at Realtor.com. Hale sees two trends that will help encourage existing homeowners to put their homes up for sale.

Existing homeowners have built up home equity

Existing homeowners have reaped big home equity gains in recent years thanks to rapidly rising home values.

Homeowners are also increasing their home equity by making monthly mortgage payments, as those who bought houses a few years ago have had the opportunity to make a sizable dent in their mortgage, Hale said. Homeowners with a smaller mortgage balance may be less sensitive to the higher interest-rate environment of today's housing market.

According to Lawrence Yun, chief economist of the National Association of Realtors, homeowners are feeling richer now thanks to the home equity they've accumulated over the last few years of dizzying home price increases. As a result, more listings are being put on the market.

Homeowners can put their home equity to work when they move and buy a new house.

"If they're using their home equity to make a move, that enables them to either be a cash buyer or take out a very small mortgage," Hale said. "That gives them a bit more flexibility in today's market."

Mortgage rates may become less important to buyers and sellers

Homebuying decisions can also be influenced by factors other than mortgage rates or home prices, according to Hale.

The more time that passes since a homeowner's initial purchase, the more likely it is that they'll have a life change requiring them to move, regardless of the cost of moving, Hale said.

People buy houses for reasons other than financial ones, Hale pointed out. Big life changes that could spur a move include a new job, retirement, marriage, or having children.

"All of these can be reasons that people might make a move even if the costs are more expensive to buy a home," Hale said.

Additionally, consumers might be getting accustomed to high mortgage rates, according to Redfin.

"Buyers realized mortgage rates may not drop below 5%, and probably not below 6%, in the near future," Mimi Trieu, a Redfin real-estate agent, said. Existing homeowners holding off on moving due to high mortgage rates may soon give up on waiting it out.

A more "buyer-friendly" housing market

These changes won't be immediate, but they will have a noticeable impact on the housing market, according to Hale. She believes that the housing market is trending in a more "buyer-friendly direction."

"It's going to take more time," Hale said of the lock-in effect. "But as it diminishes, that's going to free up more sellers."

Lower interest rates — and subsequently, lower mortgage rates — would certainly speed up the erosion of the lock-in effect, Hale said. However, even if mortgage rates hover around the 6% range in 2025, which is what Realtor.com expects, the lock-in effect will still fade.

Homebuyers could see a notable change by the end of next year, Hale predicted.

"In mid-2024, 84% of homeowners with a mortgage had a mortgage rate under 6%. We think that by the end of 2025, that share will be 75%," Hale said.

• The red-hot US housing market could cool off slightly in 2025, making it easier to buy a home.
• Expect stable or declining mortgage rates and more housing inventory, according to Redfin.
• However, it's still prohibitively difficult for younger homebuyers to break into the market.

The American dream of home ownership has become increasingly harder to achieve in the last few years. Home prices are elevated, mortgage rates are high, and housing supply is constrained. That's not to mention the growing threat of climate change, which is driving up housing costs such as insurance, HOA fees, and property taxes in high-risk states.

There's both some good and bad news on the horizon for homebuyers, according to housing market experts.

The good news? On the whole, it'll be easier to buy a house in 2025. But the bad news, for younger homebuyers at least, is that's mostly just the case for boomers. Homeownership is actually looking as distant as ever for first-time buyers, especially Gen Z and millennials.

3 reasons it'll be easier to buy a house in 2025

First, housing prices are projected to increase slower than in previous years. Redfin economists Daryl Fairweather and Chen Zhao predict that median US home-sale prices will rise by 4% in 2025. Goldman Sachs has a similar outlook for 2025, predicting that US home prices will increase by 4.4%. That's roughly in line with median wage growth. Considering that US home prices shot up over 40% between March 2020 and January 2024, this sanguine prediction is good news for prospective homebuyers.

Another impediment to homeownership has been high mortgage rates, which have more than doubled in the last few years. The average 30-year fixed mortgage rate has risen from below 3% in 2021 to around 7%.

While a 7% rate is still high historically, it's a sign of improvement from this housing cycle's high of 7.8% in October 2023. And rates could come down further in 2025, according to housing market experts. Redfin expects mortgage rates to stay the same or decrease next year. Realtor.com forecasts mortgage rates to end 2025 at 6.2%.

Lastly, experts predict that new housing inventory will hit the market, bringing relief on the supply side. A Republican sweep in Congress is a positive sign for homebuilders, as the construction industry will benefit from fewer regulations, according to Redfin.

In October before the election, Jeffery Roach, chief economist of LPL Financial, said that an increase in housing starts, or construction of new residential housing units, was a signal for more single-family homes hitting the market over the course of the next few quarters. According to Realtor.com, housing starts for new single-family homes could hit 1.1 million in 2025, a 13.8% increase.

All of these factors could improve the housing market going into 2025. Redfin predicts that home sales will increase anywhere between 2% and 9% next year.

No houses for young homebuyers

But unfortunately, if you're a first-time homebuyer, you're probably out of luck. Redfin doesn't expect the increase in home sales to be driven by young or working-class buyers. It's looking likely that any new housing inventory that hits the market will go toward older Americans first.

"Instead, affordable homes will be snapped up by older buyers who are priced out of higher price tiers," Fairweather and Zhao wrote in a recent report.

Indeed, first-time homebuyers are having unprecedented difficulty in the housing market. It's typically more difficult for first-time buyers to purchase a home because they don't have funds from selling a previous home to use for a down payment and mortgage payments, Redfin said in a June report, but today's housing environment is especially hostile towards young buyers.

Wages simply haven't kept up with the pace of home price increases over the past five years. According to Elijah de la Campa, a Redfin senior economist, the cost of starter homes have increased twice as fast as incomes during that time. Additionally, for Gen Z and millennials, student loans and credit card debt are emerging as roadblocks to homeownership, as it's difficult to qualify for mortgages with a poor credit score and high levels of debt.

As a result, the median age of first-time homebuyers is now 38, according to the National Association of Realtors — an all-time high. That's up from 35 in 2023. First-time homebuyers are also an increasingly smaller proportion of the market, at just 24% in the 12-month period ending in June 2024. The year prior, that proportion was 32%.

Comparatively, boomers have an advantage in the housing market. According to Edward Yardeni, president of financial research firm Yardeni Research, boomers own roughly half of the nation's net worth and homeowner equity, giving them a leg up in the housing market. Now, as boomers age and look to downsize their homes or move elsewhere for retirement, they can take advantage of the home equity they've amassed from years of home ownership.

"Gen Zers, meanwhile, will keep living with family or renting until well into their 30s," wrote Fairweather and Zhao.

• Buying a home in America today is no walk in the park.
• Buyers have higher mortgage rates and larger down payments.
• Nine charts capture how homebuying has become a larger challenge over the years.

Feel like buying a home is tougher than ever? You're not the only one.

Homebuyers are older than ever, make more money, and are less likely to have young children at home, based on historical data on homebuyers from the National Association of Realtors, or NAR.

These trends have largely resulted from declining housing affordability over the past several decades, Brandi Snowden, NAR's director of member and consumer survey research, told Business Insider.

"We're seeing that affordability is becoming increasingly difficult, with higher incomes needed to enter the market," Snowden said. "Buyers are also facing limited inventory, so they often need to search longer to find the right home."

Here are nine charts that show how the state of US homeownership has changed over the last several decades.

Data from the Census Bureau and the Department of Housing and Urban Development showed the median sales price of new houses in the US surged during the pandemic, reaching a peak of $442,600 in the fourth quarter of 2022.

Rising prices have made it more difficult for Americans, especially first-time homebuyers, to break into homeownership, as real median household income growth hasn't kept up.

"We've seen that first-time homebuyers have needed to be wealthier in order to be successful homebuyers, especially with rising home prices and interest rates," Snowden said.

The average 30-year fixed-rate mortgage has generally been rising this fall.

It was 6.84% as of the week ending November 21. While that's lower than a year ago and below the recent nearly 8% peak in October 2023, it's still a relatively high rate.

A higher rate plus more expensive homes leads to bigger monthly mortgage payments.

"A challenge for first-time homebuyers is higher mortgage rates, especially over the last year," Snowden said. "It could be a factor in their delaying a home purchase."

The typical down payment homebuyers put down has also been generally rising since the Great Recession.

The median down payment was 8% in 2009 and 2010. In 2024, though, it's typical for a homebuyer to make an 18% down payment.

Down payments of this size are not unprecedented: The median hit 20% in 1989 and 18% in 2001.

"We see that a large share of homebuyers, especially first-time buyers, rely on gifts or loans from family and friends," Snowden said. "They may also be tapping into stocks, bonds, or even their 401(k) for their down payment."

Snowden said that homebuyers may opt for a larger down payment that can help offset the mortgage interest rate with a lower monthly payment.

The climb in the median household income for people purchasing a home for the first time suggests Americans typically need to make closer to six figures to become homeowners.

In 1984, the typical household made $22,420 a year — or around $66,000 in 2023 dollars —while the typical first-time buyer made nearly $31,000 — or around $91,000 in 2023 dollars. In 2023, the median household income was around $80,600, and first-time homebuyers made $97,000.

Zillow research published earlier this year said people have to make over $106,000, 80% higher than what was needed in January 2020, "to comfortably afford a home."

Median incomes for homebuyers dipped in 2021 in part due to the kinds of areas people were moving to.

"Lower median income may be a reflection of buyers purchasing in more affordable locations such as small towns," a NAR report said, adding, "and an increased share of senior buyers who may be retired."

The share of first-time homebuyers dropped to just 24% in 2024, down from 32% in 2023 and a record 50% in 2010. This marks the lowest percentage since NAR began tracking the data in 1981.

The pullback in homebuying demand has been largely driven by the ongoing affordability crisis, compounded by a shrinking supply of entry-level homes.

There are fewer of these types of homes — typically smaller and more affordable for first-time buyers — on the market than there used to be, and the ones that are for sale are more expensive.

"We're seeing that the most difficult step for successful homebuyers is finding the right property," Snowden said.

In 2024, the median age of first-time buyers was 38, nine years older than in 1981. Meanwhile, the median age of repeat buyers increased from 36 to 61.

Unlike repeat buyers, who tend to be older and have more wealth or home equity, many would-be first-time buyers — often younger people, like Gen Zers and millennials — lack the financial resources needed to purchase a home.

Snowden said that many people are spending money on expensive rents, student loans, credit card bills, and car loans that they would otherwise set aside for a down payment.

As a result, many are postponing their plans to buy. Others may abandon dreams of homeownership altogether.

The share of homebuyers without children under 18 years old in their homes has widened to 73%, 10 percentage points higher than a decade earlier.

People without the financial demands of raising children tend to enjoy greater financial flexibility. Some can save thousands of dollars each year — which could be directed toward a down payment or other homebuying costs.

Married or cohabitating couples without children are often referred to as DINKS — an acronym for "dual income, no kids." Data from the Federal Reserve's Survey of Consumer Finances shows that DINKs typically have a median net worth exceeding $200,000.

In contrast, many households with children experience financial strain, as parents allocate a significant portion of their income to day care, medical bills, and school tuition — expenses that can make saving enough to buy a home more challenging.

In addition to couples who never had kids, many baby boomers and Gen Xers who had kids are now empty nesters and may be looking to downsize.

Since NAR started collecting data, single women homebuyers have outpaced single men homebuyers, but the gap has grown.

Single women made up 20% of all homebuyers in 2024, while the share of single men purchasing homes dropped to just 8%.

Snowden said single women are often drawn to homeownership for several reasons, including independence, divorce, and the responsibility of raising children.

Snowden said that single female buyers are typically older than their single male counterparts, with the median age for single women at 60 compared to 58 for single men. "These buyers could be recently divorced or purchasing a home for more than just themselves, but also for their children and parents," she said.

Jessica Lautz, NAR deputy chief economist and vice president of research, said in a news release that "current homeowners can more easily make housing trades using built-up housing equity for cash purchases or large down payments on dream homes."

First-time homebuyers, meanwhile, tend to have to go through the process of taking out a mortgage, potentially losing their chance on a housing bid to those who have money ready for their next home.

The share of homebuyers who paid in cash climbed from 7% in 2003 to 26% in 2024. Snowden said this data is based on primary residences only, excluding investor properties.

Have you recently bought a home, or are you thinking of buying one next year? Share with these reporters how your housing search has gone at [email protected] and [email protected].

• Jessica Chestler, 33, wanted to buy a home and was financially able to do so without a spouse.
• In 2022, she bought a three-bedroom home in Williamsburg, Brooklyn, for $3.25 million, entirely on her own.
• Chestler said that making all the decisions for her home herself is a double-edged sword.

This as-told-to essay is based on a conversation with Jessica Chestler, a 33-year-old real-estate agent with Douglas Elliman, who purchased a home without a cosigner or spouse.

New data from the National Association of Realtors shows that from July 2023 to June 2024, single female buyers made up 20% of all homebuyers, significantly outnumbering single male buyers, who accounted for just 8%.

The interview has been edited for length and clarity.

During my 20s, my love life wasn't a priority. I was focused on building a foundation for my future.

I've been in the real-estate industry since I was 21 years old. It's been a 24/7 job, and I've worked incredibly hard to get where I am today.

I co-own a business with my partner, and we manage a real-estate team that operates between New York and Florida, though I primarily work out of New York.

While we handle transactions across various price points, our team specializes in high-end luxury properties, and we sell anywhere from $150 million to $300 million a year.

New York is one of the most expensive places in the country to buy a home.

People want to live here for many reasons, especially for the lifestyle it offers. It's one of the few places in the world where you can catch a Broadway show, sit at Michelin-star restaurants, or visit a local bodega — all while connecting with people from every background at any time of day.

Affording homeownership here has become increasingly difficult.

I've always recognized New York's value, so early on, I set a goal to buy a home here as soon as possible. I'm fortunate to have made that happen on my own.

I was in the financial position to buy on my own

In 2022, as a single woman, I purchased a three-bedroom condo in Williamsburg for $3.25 million with a 30% down payment. My home has 1,700 square feet of interior space and an additional 1,000 square feet of exterior space.

I saw the purchase as an opportunity to secure a valuable property at a price below its true market value.

Back then, interest rates were very low, and the real-estate market was booming — a very different world. I got a 10-year mortgage at a 2% interest rate, with a monthly payment of about $4,000.

Although I've always worked on commission and never had a traditional salary, I felt comfortable buying at that price. I knew my monthly costs, and I understood my financial situation.

The building I live in is by the waterfront and has a doorman, a variety of amenities, and relatively low monthly maintenance fees.

Most importantly, it has a tax abatement for another 15 years, so I pay just $9 in taxes each month. For most apartments of my size, the taxes are usually much higher — like a four-figure number.

I wanted to live in a place that could accommodate my future family and also serve as a solid investment. I'm confident that if I ever decide to rent or sell my condo, it will offer a strong return.

The value of Williamsburg has gone up exponentially in recent years.

It used to be more of an industrial neighborhood, but it has since been gentrified — for better or worse. Still, home prices in the area are slightly lower than in other parts of Brooklyn and Manhattan.

People like living in Williamsburg because there's a lot of opportunity. It's a bit calmer than Manhattan; you're close to the airports, and there are amazing parks, restaurants, and shops. It also is a large community with a strong neighborhood feel.

Buying a home without a spouse has pros and cons

I worked with a designer from London to completely gut and renovate my condo.

I don't want to share exactly how much I spent, but I worked with an Architectural Digest-level designer and architect, and it took about 18 months to finish.

Not a single thing from the original apartment remains. I updated both the indoor and outdoor spaces and added new floors throughout the home. I also added new bathrooms, updated closets, installed radiant heat, and replaced the AC unit's coverings.

I'm very happy with the results. I designed it with the vision of having a family in the future while also building it out to be my dream home.

I do receive a lot of offers from people who want to buy it in the mail, but unless someone is willing to pay an astronomical price, there's no reason for me to move. Like I said, I bought it with the intention of living here with my future family.

I had the freedom to renovate my home however I wanted

One of the benefits of buying and renovating a home alone was that I only had to consider myself.

I didn't have to worry about anyone else's opinion. I loved the apartment, knew my numbers, and was confident I could make it work — that comfort was really important to me.

When you're buying a home with someone else, there's obviously a lot more to consider, especially if you're not married.

There's always that uncertainty: What if the person you're buying with doesn't like it or wants a different lifestyle? What if they want to live in a different neighborhood? What happens if you break up — how do you divide the assets?

There's a certain trepidation — whether you're a woman or a man — when you're single and unsure about your future, which can make people hesitant to buy a home.

Since they're uncertain how their life might change, many singles choose to rent.

The harder parts of homeownership

The biggest drawback of owning a home alone is that I'm responsible for every decision and everything that could go wrong. As someone who works 24/7, this can be difficult to handle at times.

Looking back on my renovation and now knowing how intense a complete gut job can be, it would have been nice to share the experience with someone I was excited to live with.

I truly love my home; I've built my own equity here, and it's a space I look forward to sharing with someone else someday.

The old script of what is expected of women is very different now.

Like me, many other single women are choosing to buy homes independently, and it's an incredibly empowering achievement.

For those considering buying a home, I think it's important to talk to a real-estate agent to understand the process and ensure it's the right decision for you.

At the very least, it will clarify whether it's a good fit. At best, you'll have a place to call your own.