According to the National Association of REALTORS, single females are buying up homes at more than twice the rate of their male counterparts. Click on the link following the article below to learn how to more effectively work with single buyers.
Single Women Comprise 17% of Buyers
Women may on average earn less than their male counterparts, but single females are buying up homes at more than twice the rate of their male counterparts.
Single women accounted for 17 percent of home buyers in the U.S. last year, compared to just 7 percent of single men, according to the National Association of REALTORS®. This housing gender gap has existed for awhile but it continues to widen for a variety of reasons, according to Jessica Lautz, NAR’s managing director of survey research and communications.
For one, single women are more likely to be parenting on their own than single men and, as such, may be more likely to seek stable housing for their children, Lautz says. In 2011, there were 8.6 million single-mother households, and only 2.6 million single-father households, according to the Pew Research Center.
“If you have children, it’s definitely going to play a role in where you’re thinking of living and how,” Lautz says. “And a mortgage can provide financial security. I think women, even with lower incomes, want a place where they can have roots and really own a place. The psychological desire to do that is great.”
And, despite common cultural assumptions about the desire for marriage, single women without kids are more likely to be drawn to “singledom” lifestyles than men are, says Bella DePaulo, author of Singled Out and professor at the University of California at Santa Barbara.
“Some research suggests that single women are especially unlikely to be lonely—again, contrary to our stereotypes,” DePaulo told Bloomberg. “Buying a home is a way of living your single life fully, rather than seeing your single years as just marking time until you find ‘the one.’”
The wage gap may still play a part in the house hunt, however. Single women tend to buy their first homes at an older age than men – 34 years old compared with 31, according to NAR’s research. They also tend to buy at a lower average price at $173,000 compared to $190,600.