10/13/2021 | Press release | Distributed by Public on 10/13/2021 10:07
New survey findings released on Single Female Heads of Households
MCLEAN, Va., Oct. 13, 2021 (GLOBE NEWSWIRE) -- New consumer research from Freddie Mac (OTCQB: FMCC) found that the pandemic disrupted the homeownership goals of single female heads of households (SFHOHs). Although, some SFHOH renters believe they will buy upon their next move, nearly 60% of SFHOH renters surveyed indicate they feel homeownership is out of reach indefinitely. Freddie Mac's survey confirms this demographic has experienced rising housing cost burdens and reduced confidence in wealth building over the past year, further illustrating how the pandemic's economic fallout has hit the country's most economically vulnerable populations.
"The COVID-19 pandemic has had disparate economic impacts nationwide, particularly on women who are heads of their households, such as single moms and caretakers," said Pam Perry, Single-Family Vice President of Equitable Housing. "In this survey, we discovered this population's housing and financial challenges have been further complicated by pandemic-related workplace disruptions and current economic conditions. While the survey showed some feel confident in their knowledge of finances and building credit, many lack confidence in the possibility of homeownership."
Freddie Mac fielded the national survey to learn more about SFHOH's overall housing and financial situation, identify meaningful differences among demographic cohorts, and determine how recent events have impacted their wealth building and long-term views towards homeownership.
The survey builds upon a recent Freddie Mac Research Note exploring how overall household composition is shifting, specifically noting that over the past several decades, sole-person households have almost doubled in the United States to 36.1 million in 2020, of which 19.8 million are single female.
The survey results showed several key findings:
Since the beginning of the COVID-19 crisis, Freddie Mac has taken numerous actions to help struggling homeowners and renters with financial hardships related to COVID-19. You can also visit the Freddie Mac consumer education website, My Home® by Freddie Mac for rental assistance resources. Additionally, to access the newly relaunched CreditSmart® suite of financial and homeownership education resources, click here.
This nationally representative online survey was fielded April 14-23, 2021, among 2,000 American single female heads of household, aged 18 and older. To view the full survey findings, follow this link.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
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