Why So Many Single Sisters Are Buying Houses And Condos

Ebony, April, 2001 by Kimberly Davis

We all know the fairy tale. Young girl grows up, gets married and then buys a home with her husband.

But in this day and age, single Sisters are stepping up to make their own down payments and secure their own mortgages. Even as the national economy slows, the American housing market is showing surprisingly good health, experts say, with housing starts and home prices remaining strong.

There's rarely been a better time to buy a home, and single Sisters in Chicago, New Jersey and Atlanta, and other cities and towns are making a commitment, taking the plunge and reaping the rewards of owning their own homes.

The main benefit, experts say, is that the IRS seems to favor the long-term investment that comes with home ownership. Interest paid on your mortgage loan is tax-deductible, which is especially good in the early years when interest payments are highest. That could mean huge savings come tax time. You also save money on rent in the long-term and can build equity and a good credit history.

But many women also face obstacles in their quest to buy a condo or a house. While at one time it was considered unusual for single women to buy their own homes, the reality is that it's becoming more and more common for women to buy without having a man around. And those sexist attitudes have had to change with the times.

Dedra N. Tate of Teaneck, N.J., says at first it was difficult for her to convince her mortgage broker and then the bank of her annual income. They had a hard time believing that a single woman from New York City could possibly afford such a spacious home. They wanted to know where the money came from, how she got it and how long she'd had it.

"It was very frustrating," says Tate, who is president and general manager of Flavor Unit Entertainment, which is owned by hip-hop diva and talk show host Queen Latifah. "You have to have a paper trail that is unbelievable."

Once that paper trail was established, Tate, a single mother to 4-year-old Jian, was able to find a home that suited her needs. She put the word out two years ago that she was looking in New Jersey for a "beautiful townhome that had the feeling of a house." She had owned a co-op in Manhattan, but sold it for a hefty profit because she was working in New Jersey and paying taxes in both places.

For her and Jian, home is a 2,500 square-foot town house in a secluded, gated community in Teaneck, N.J., with a sunken living room, formal dining room and plenty of space for entertaining friends and family. It's only five minutes from Manhattan and 20 minutes from her office in Jersey City, N.J.

"This is a crazy industry, and one that is very fast-paced," says Tate, who co-owns a home in the Hamptons with her parents and sister. "Here, I'm doing things at my own pace."

The pace is a bit faster in the Windy City of Chicago, according to 29-year-old Jocelyn M. Perry, a marketing representative for a Chicago steel company. "Living in the city after college, the amount of rent was ridiculous," says Perry, who purchased a spacious loft in Chicago's South Loop area two years ago. "I wanted to own something, and I did want to stay in the city."

Perry, who will earn an MBA from Northwestern University's Kellogg School of Management in June, bought the loft unfinished and had to wait a year before she could move in. An advantage to this was that she was able to choose the kitchen cabinets, lighting and countertops, all the touches that make her home different from the other units in the building.

A disadvantage was that at times people tried to take advantage of her as a female buyer, especially since she was buying a home for the first time. Lucidly, a family friend, a lawyer, helped Perry make sure the unit was actually inhabitable and helped her with financing. As for the security issues around living alone, she has a 115-pound dog and an intercom and alarm system to help ease her fears.

"I knew that I wanted a loft," Perry says. "I couldn't live in a high rise because of my dog, Kaz. I needed a place where there's space."

Space is exactly what drew Jill Strickland to her home in Atlanta's historic Grant Park neighborhood, where she bought a house five years ago. Strickland, a public relations consultant, says she had to get over the notion of waiting for Prince Charming to carry her over the threshold of their new home. It's not that she isn't interested in getting married and having a family; she just didn't want to wait.

So, after an eight-month search, a Realtor located the perfect "mix of old and new" in a 75-year-old craftsmen bungalow with two bedrooms and two bathrooms, hardwood floors, high ceilings and superior workmanship. The home has "skyrocketed in value" since she bought it, and the neighborhood has changed "drastically."

Before, she was often wary of coming home late at night and walking into her house. Now, families and singles have moved in, bought and renovated homes and are taking pride in their homes. It's now considered one of the best neighborhoods in Atlanta. And when the plumbing goes out or she wants some work done on the house, she's the one who does it. She's the "maintenance man," something she now enjoys.