When it comes to property ownership, single women in the U.S. have a major edge — owning 2.72 million more homes than single men according to LendingTree.
In fact, they outnumber single male homeowners in 47 out of 50 states. Pew Research Center data from 2023 shows that single women own 58% of the 5.2 million properties possessed by unmarried Americans.
This may come as a surprise because of the gender wage gap. According to the Bureau of Labor Statistics, women in the U.S. earn on average 83% of what men do. However, there are some central reasons why single women are more likely to be homeowners.
Why single women are buying more homes
First off, some women actually earn more money than men in some markets. Pew Research found that women under 30 in 22 different cities have higher average salaries than their male peers. In areas where women earn more, they are in a better financial position to buy a home.
Some suggest that single women may be more interested in homeownership than single men, and more willing to do the work to save and make it happen.
However, there are also more clear-cut reasons women buy more homes even though they are single. Specifically:
Single women heading households. As the U.S. Census Bureau reveals, women are more likely to be single parents or caregivers for elderly relatives, both of which could prompt them to want to buy a home.
Widows as homeowners. Women often live longer than men, so many widows end up owning family homes. This might explain why the homeownership gender gap is narrower among millennials and older members of Gen Z but wider among older adults.
What does this mean for the real estate market?
Unfortunately, research from the Yale School of Management shows single women earn lower returns when buying and selling properties than single men.
On average, they pay 2% more for properties and sell them for 2% less. As more women come into the market, this could impact home values.
Since single women are more likely to have dependents, they may be less flexible on timing the real estate market than male buyers. This could drive sales in the spring and summer seasons, when school is out — typically the busiest times for buyers.
Women may also prioritize different things when looking for a home, such as safety and security features.
As developers respond to changing demand in single homeownership, they may build smaller, more affordable properties across the board. Both single men and single women would benefit from having housing options geared toward their needs.
Read more at YahooFinance
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