Most people would think that buying homes is only for couples who are starting to build a family. They have the need to build a home of their own, and they also have the purchasing power. They’d be most interested in the latest trends and the lowest prices.
Some couples prefer new houses for their dream house. Other practical couples would rather check foreclosed properties or fixer-upper homes in the market. These are cheaper in price, though renovations could also be costly. It is easy to think that only couples who have combined incomes can afford new homes. This is especially true now that we are in a pandemic and in an economic crisis.
But it isn’t always the case.
It is true that families are the number one home buyers. But there are also single people who browse property listings and check out home prices. And not only they are single. They are female.
The data say it all. The 2020 Profile of Home Buyers and Sellers noted that at least 19% of home purchases in 2020 were made by single female buyers. Some of these single women were first-time homebuyers, who are 33 years old on average.
According to the report, single buyers would most likely buy a townhome or a condominium unit. Half of the respondents also said that they considered their family and friends’ convenience in choosing their neighborhood. It could also be possible that these single buyers were able to apply for the best loans from mortgage lenders to secure their dream property.
This only shows how women have established their purchasing power throughout the years. While data shows that men occupied most of the labor workforce in the past years and that men have more retirement savings than women, empowered single women have also made huge investments these days. It could be attributed to their career advancement or to their improved ability to save. But one thing is for sure, American single women are out to mark their purchasing power in the housing market.
Single women are buying more homes across U. S.
What’s even more interesting is that this trend of women owning homes is not new at all. Women have slowly built their mark in the housing market over the years.
Reports show that single women now own 1.5 million homes more than single men do. This is at least in the 50 biggest metro states across the United States.
In Tampa, Florida, at least 16.4% of households are owned by single women, while single men only own at least 11.5%. In New Orleans and Buffalo, a significant percentage of households are also owned more by women than by men.
What could be the driving force behind these recent trends? Why are single women owning more homes than single men?
Here are some possible reasons:
- Single women are getting more stable at work.
The U.S. Bureau of Labor Statistics shows that there are at least 109,000 more employed women than employed men. This shows that most women are becoming more stable in terms of financial income. This is why they are also strengthening their purchasing power in the market. Despite the pandemic where many people lost their jobs, some single women managed to keep their finances stable. Thus, they were able to buy new homes last year. This also shows that most women have enough savings to invest in properties.
- Single women are stricter when it comes to their finances.
Generally, women are wiser and stricter when it comes to budgeting and saving. They handle money better and are not the types to splurge on non-important things. This is why they get to save more than men. Thus, they get to invest also on properties like houses.
- Single women are career-driven.
More single women are delaying marriage. This is because they prioritize their career stability first before anything else. They want to make sure that they are financially prepared before settling down. This includes a place of their own, a car, and bank savings big enough to not depend on their husband financially. They want to break away from the idea that women depend on men. That’s why they push for financial freedom before marrying.
Experts believe that the trend will continue, as more women get employed over men these days. This is why it can be expected that more single women will continue to buy their own homes in the future. This is not only good news to the housing market. It is also empowering for women who have long been branded as dependent on men in terms of finances.