"There are many very successful and well-paid women working in the valley, and they are savvy to the idea that there is no reason to wait for Prince Charming to make one of the smartest investments of their lives," said Realtor Dulcy Freeman of Coldwell Banker.

Freeman, a single-woman homeowner herself, has helped many first-time women buyers through the homeownership process. "Many women realize that buying a home is investing in their retirement and their future. Certainly I think that many more women should be encouraged to take this step. Some women hesitate to buy because they may not have a partner to split the daunting task of home maintenance and repair. I tell them to call me, since I can refer them to a great handyman I know."

Realtor Arvada Darnell, also of Coldwell Banker, works with many single and couple women home buyers. She finds women are taking the initiative to buy a home, and they are choosing to do it for themselves.

"Many single professional women are buying into the mid-range market, which is town houses, condos and small homes. Many women have decided to get on with their lives and to stop waiting for Mr. Right. They see the importance of investing now and waiting for their equity to build," Darnell said.

Darnell believes there are many astute women out there who see the benefits of homeownership and the value of being independent. "Many are professionally successful, and even those who don't have high incomes are prudent and have saved and planned for homeownership. They are smart and savvy and ready to go," she said.

Many women couples are buying homes and investing in rental property just like any other couple. "I have many instances where all parties to a transaction are women—the buyer, seller, mortgage broker, escrow officer and Realtor. We often chuckle around the table at a sign off, when the room is filled with intelligence, commitment and joy," Darnell said.

During the past two years, Realtor Cristina Page of Coldwell Banker has added several single women to her client list, for a total of 30 percent of her business. In fact, her female clients have outnumbered male clients in the last two years.

"Single women are buying because they want independence and also because they do not want to waste their money paying rent anymore. They feel very secure in the step toward homeownership. They really know what they are buying. They are focused and persistent," Page said. "A couple of my female clients are still waiting for their home. I need to give them space and be patient, since when they are ready, they usually make the move very fast."

Although the number of women homeowners is growing steadily, the American dream of homeownership is still elusive for many single women with children.

According to a survey on consumer finances released by the Federal Reserve Board in 2001, just 45 percent of single women with children are homeowners, while 69 percent of single men with children own their own homes. The gap in homeownership may be due to several factors, including lower wages for women, the inability to obtain credit and sometimes discrimination.

Last fall, the Women's Mortgage Industry Network, a national organization formed last year and sponsored by Freddie Mac, released an action plan to address the gap. The group plans to engage the mortgage industry and nonfinancial service providers in a targeted education and counseling campaign.

According to the organization, women are an economic force in the country today, with more than $1 trillion in annual income, yet homeownership rates are not reflective of that economic reality. Both Freddie Mac and the Women's Mortgage Industry Network have pledged to find ways to increase women's participation in the American Dream, because studies show that children of homeowners do better in school and that homeowners are more politically active, resulting in stronger neighborhoods.

As well, Fannie Mae also promotes homeownership for women through its Women-Headed Households Initiative entitled "A Place to Call Home: Women Achieving Homeownership." Fannie Mae cites U.S. Census Bureau statistics showing homeownership rates for female head of households at 54 percent, behind the national rate of 68 percent, and women with families at an even lower rate at 49 percent.

Fannie Mae predicts that the number of women-headed households will increase by nearly 31 million, or close to 28 percent of all households in the country, by 2010. Nationally, the number of households headed by women has increased four times since 1950, partially due to an increased divorce rate, delayed marriage decisions and a longer life expectancy. Despite the growth, only about half of the women who head their households own their own homes.

Through the Women-Headed Households Initiative, Fannie Mae will work with lender and housing partners to assist one million women in becoming homeowners as part of a 10-year, $2 trillion pledge to increase homeownership for 18 million Americans through its American Dream Commitment program.

Fannie Mae believes homeownership empowers women, builds self-esteem, and encourages and creates the opportunity for women to become community leaders. It hopes to help tear down the barriers to homeownership that women face, such as discrimination based on gender and income and the lack of information about the homebuying process.

Women who are interested in pursing the dream of homeownership can find a local Realtor to discuss their options through the 3,000-member nonprofit Silicon Valley Association of Realtors at www.silvar.org.