Single women are buying homes and condos at what may be more than twice the rate of single males, and the trend appears to be accelerating.
Single women accounted for 18 percent of all home purchases last year compared with just 7 percent by single men, according to survey data from the National Association of Realtors. This makes single women the second-largest segment in the home-purchase marketplace, behind married couples.
Citing data from the most recent U.S. Census Current Population Survey, which covered 60,000 households, Ralph McLaughlin, chief economist for consulting firm Veritas Urbis Economics, found that the share of home purchases by single women in 2017 — including never-married individuals, widows and divorcées — hit 22.8 percent, the highest on record. The gap between single women and single men was not as dramatic as in the Realtor study, however. (Source: Washington Post)
Everyone wants a place to call home; a place that gives them a sense of security. We are currently seeing major interest from females who want to achieve this dream, and the numbers are proving it!
According to the 2018 Home Buyer and Seller Generational Trends Report by the National Association of Realtors, one in five homebuyers in the U.S. were single females (most of them part of the baby boomer generation) as you can see in the graph below:
This does not come as a surprise since 50.8% of the U.S. population is female and 15.6% of them are 65 years and over, according to the Census Bureau.
What are the reasons for this demographic’s booming interest in homeownership?
Bankrate published an article with what they believe to be some of the reasons:
- Divorce rate: Known as the “Gray Divorce,” the divorce rate has doubled for those ages 50 and over and tripled for those ages 65 and over.
- Average life expectancy: For women it’s 81, four years longer than men.
- To build home equity: Women want to build equity through their home. As mentioned by Bankrate, “some are hoping to escape rising rents, some might be downsizing or looking for a new start,” especially those going through a gray divorce.
Are they only downsizing and buying small homes?
Not really; The Institute of Luxury Home Marketing recently stated that:
“The number of female billionaires grew faster globally in 2017 than the number of male billionaires. This redistribution of wealth has seen an impact on luxury real estate both in its purchase and design attributes – and obviously, this is important for realtors to recognize when relating to their clients.”
Whether you are a millennial who wants to buy a starter home, a billionaire looking for that luxury home you’ve always wanted, or maybe even someone who just went through a gray divorce, let’s get together to help you create your real estate portfolio so that you can start investing your money in real estate today!
Karl Hess provides expert real estate services to residential buyers and sellers in Ocean County. Contact us today for more information on Jersey Shore Real Estate and for professional assistance navigating this complex home market.
As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Your Realtor on The Jersey Shore in Ocean County
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