The days of women waiting for marriage to get their home with a little white picket fence are over. Nowadays women have more buying power than ever, especially in the real estate market. In fact, single women represented 22 percent of home purchases (according to survey of National Association of Realtors).

Why the big shift towards single women buyers? In part, it is because women are focusing on their careers and have strong individual earnings. These women are smart enough to know that owning real estate is the best way to build wealth. If you are single and debating whether you can afford to own your own home, here are some factors that may prepare your for the big decision.

First, consider your rent situation compared to owning your own home. In Phoenix, real estate prices have increased, but there are still some great deals to be found, especially as the market slows down. Compare what you are currently paying in rent with an average mortgage payment.

Do not forget to factor in your yearly tax savings. While a mortgage payment may be more than rent, your yearly interest deduction can more than make up for the difference in amount. Also, evaluate how much your rent may increase on a yearly basis. With a mortgage, your housing costs are fixed.

As a single woman, your home buying power rests completely on your income, and your credit score and records. Do you know what your credit score is? Your credit score (referred to as your FICO score), is a numerical representation of your credit risk. If you are not sure what your credit score is, this is the perfect time to investigate. You may find that there are some problems with the credit score that you can easily clean up and improve your score.

Do you know how much you can afford to spend for a home or condominium? There is more to consider than just the how much your monthly payments will be. If you purchase a home, there will be expenses for maintenance of the home and property; many condominiums and developments require payment of monthly home owner association dues.

As you prepare to purchase property, consider all the costs associated with the property. In fact, you might ask a friend that owns similar property to give you an estimate of how much they spend on a comparable property.

Buying a home is a big step, but it is something you can do on your own. It is a step towards independence and financial security.