Find A Great Niche Market in Single Women Homeowners
This rise of single women homeowners
Is part of a greater social and economic shift that is reshaping home ownership. Women are tired of waiting for Mr. Right to come along and start their dream. Women earn less than men (by 27 percent) but more than ever before they assume leadership roles in business. They are treated differently in advancing up the ladder because they are perceived as wanting to pursue parenthood. Women are financially independent yet they have a higher debt load and save less. They do, however, control their own financial decisions far more than in decades past. Women can acquire homes on their own rather than searching for a mate to provide them. It’s symbolic of success—of getting out there and doing it on their own. Twice as many single women are buying homes than single men.
Women are motivated to purchase homes by a desire for financial security and the sound investment of home ownership, as Real Estate has steadily appreciated in recent years. Women live longer, think about financial security in their retirement, and recognize the benefits that home ownership provides more so than ever before. Building equity and taking advantage of tax deductions appeals to women, as it does to most buyers. Low interest rates, first-time buyer programs, high divorce rates and the fact that child support payments are considered income to single parents, have helped contribute to the trend. Single mothers also outnumber single fathers, and they might be more likely to seek out stability through Real Estate. Also on the rise is the number of single women buying older homes, renovating them, and selling for a profit.
Why are so many single women buying homes?
The top reasons are:
- Not having to rely on a man to shelter them
- Security, financial and safety reasons
- A sense of independence and self-worth
- As an investment
No longer is it important to purchase a home to raise children. This may be somewhat indicative of the fact that many of the single, professional women are buying homes because they have stable jobs and upwardly mobile careers.
Single women now play a significant role in the housing market. No longer is there a stigma to buying alone and they are more confident than their counterparts a decade ago.
In 2016, 17 percent of single women represented home buyers, with a median income of $55,300; while 7 percent of single men bought homes, with a median income of $57,300.
Another category of single women is the growing number of single mothers. Single mothers make up almost 30 percent of all unmarried women buyers.
Twenty-five percent of women searching for a home are looking for a ‘fixer-upper’ and plan to do the work themselves.
More single minority women are buying homes than married minorities.
Some of the most critical demographic changes that have opened up the Real Estate market to women include:
- Women (and men) are marrying later. On average, women now wait until they’re nearly 26 to walk down the aisle. On average, men today marry at age 29.
- Divorce. A Census study showed that the probability of a first marriage lasting at least a decade was 68 percent for women and 70 percent for men between 2006 and 2010.
- Women tend to live longer than men. In the last decade of the 20th century, life expectancy was 73.4 years for males and 80.1 years for females, a difference of 6.7 years.
There is still the home worth disparity
- Homes owned by single women are worth less than homes owned by single men.
- Homes owned by single men are worth 10 percent more than homes owned by single women.
- Homes owned by single men appreciate 16 percent faster than homes owned by single women.
Houses are a great source of wealth, and as women are buying and holding onto them, they will gain greater equity and become less dependent on male partners for material assets and protection.
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