In honor of the 50th anniversary of the Equal Credit Opportunity Act, which was passed into law in October of 1974
1975 wasn't that long ago. Before then, women couldn't get a mortgage without a husband. Lenders routinely denied credit to single women, excluding their income, or requiring a male co-signer... even if her income was higher! Some lenders even asked for so-called 'baby letters' proving that she wasn't pregnant but on birth control.
The Equal Credit Opportunity Act changed that. It prohibits creditors from discriminating against applicants based on religion, color, sex, marital status, or age. The driving force behind the ECOA was Margaret Heckler, who, after being elected to Congress, arrived in Washington without credit in her name. Heckler joined the House Committee on Banking and Currency (she was one of two women), arranged a meeting with the big bank CEOs, and convinced them that they could approve or deny credit to women based on eligibility, just as they do with men.
Margaret Heckler and the ECOA literally opened the door for women, and women have been walking through it ever since. Today, single women make up 20% of all homebuyers and 24% of first-time buyers, outpacing single men 2-1.*
*NAR's 2025 Home Buyers and Sellers Generational Trends Report
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