Single Women and the Home Buying Market
Single women are becoming an important demographic in the home buying market. The National Association of Realtors (NAR) found that among recent buyers who are single, 60 percent of home purchases were by women. After married couples, this demographic is the next largest for home buyers.
What This Means for the Market
Due to the strides made in improving the gender pay gap, women are gaining more financial independence. In some areas across the United States, the income for women is growing even faster than for men. Due to this, the trend of single women owning homes is expected to increase.
Another finding by the NAR showed that single women in the baby boomer generation account for 1 out of every 5 houses sold in their age range, and this group buys twice as many homes as single men. This trend is also changing business for interior designers. Things such as custom made closets and marble table tops are very appealing to single women, causing the interior design business to cater more to women’s tastes.
Millennials Enter the Market
Millennials show great promise within the real estate market, and as this younger generation enters the home buying arena, single women will still make up a large portion of its home buyers. This is largely due to the fact that members of Generation Y tend to marry later in life, if they even marry at all. People in this generation are also looking to differentiate themselves from their parents, so while single women will still make up a large part of the home buying market, they will soon change the type of homes bought and as well as the preferred locations. It is clear that women will continue to grow in terms of wealth, market share and power.
According to a recent article in the Sun Sentinel, South Florida real estate is expected to continue to progress. In the past year, home prices in the area have grown by 6.2 percent, a number which is expected to continue to rise. If you’re looking to buy or sell a home in the South Florida area, contact Stein Posner. Our agents are experts in the local market, and can facilitate a smooth and favorable transaction.