Married couples buy more of the homes on the market than singles, but that is changing and it is changing rapidly. A recent study by the National Association of Realtors found that 66% of homebuyers are married couples, single men made up 7% of the buyers and single women made up a whopping 17% of homebuyers this year. The surprising thing about these statistics is that women have a much lower average income than men, but they still buy double the amount of homes than men do. This trend is encouraging, but why is it happening?
Why are more single women buying homes?
Analysts say many women are always looking to the future, with the goal of buying a home and creating a family, while also staying close to family and friends. Rather than wait to be married, women are taking the bull by the horns and carving out their own futures. As well, another study found that women are better at paying their mortgages on time than men are and are generally better with money than men. Who knew?
As well, the number of single mothers far outweighs the number of single fathers, which gives women a reason to buy a home and settle down.
Basically, single women are looking for an investment, security, wealth and a plan for their future.
What do we know about these women?
Research has found that the average first-time female homebuyer is 32 years old and lives at home with her parents. She makes about $49,000 a year and the majority have finished college. Rather than stay at home with their parents or putting all of their money towards rent, these single women are saving for down payments and buying a home of their own.
While the pay inequity is still rampant in the U.S., women are commanding higher salaries than ever before, which could give them the financial confidence to buy a home without a partner. In the past, women may not have made enough money on their own to afford a home of their own.
Where are they buying?
While many young, single women are buying traditional, detached houses, condos are definitely in their view. Many single women buy condos simply for the security it affords them living in a full-service building. As well, they are able to make friends living in a condo community, which gives them a good sense of community and home that they wouldn’t technically get living alone in a two-story, family-friendly neighborhood.
If you are a young single woman, contact me for more information about buying your first home!