The number of single women purchasing homes continues to increase year over year.
While married couples still represent the largest group of homebuyers at 63 percent, unmarried women are buying homes at double the rate of unmarried men—comprising 18 percent of the market, compared to men’s nine percent.
Interestingly enough, single women are also purchasing homes with the lowest household income of all buyers at an average of $65,000. Women tend to view their purchase as more than an investment—placing a high value on the opportunity to make a home truly their own.
Research from the National Association of Realtors® (NAR) indicates women make significant efforts to achieve the goal of homeownership, with 46 percent reporting having made financial sacrifices in order to afford a home—cutting spending items such as entertainment and clothing. Statistics also show women are more willing to buy entry-level and starter homes.
Women tend to put a higher value on the neighborhood they’re purchasing in—particularly its proximity to relatives, friends and health facilities, while also prioritizing outdoor space. Single women are gravitating toward certain geographic areas as well. According to the NAR, the top 10 metro areas with the highest gap of homeownership rate between single women and men are as follows:
Oxnard, CA—15%
El Paso, TX—15%
Durham, NC—14%
San Jose, CA—13%
Colorado Springs, CO—12%
Jackson, MS—12%
Chattanooga, TN—11%
Lakeland, FL—11%
Tucson, AZ—11%
Columbia, SC—11%
Additionally, many single-women buyers are caregivers, as 20 percent have children under the age of 18, and 12 percent purchased multi-generational homes in order to care for aging parents or accommodate children over 18.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
