Home buyers and sellers, single women make up a significant portion of home buyers, accounting for 19% of the market share. In contrast, single men only make up 10% of home buyers. This statistic highlights the growing trend of sole women taking charge of their financial futures by investing in real estate.
The Rise of Single Women Homeowners: Statistics and Trends
One reason for this trend is that single women are often more highly educated than single men. This gives them greater purchasing power and allows them to close the wage gap with men. In fact, among major cities, Philadelphia, Columbus, and Memphis have high rates of single women homeowners.
As for millennials, they are looking for specific amenities when buying homes. Features such as laundry rooms, smart home technology, and walk-in pantries are highly prized. Additionally, sustainable features in homes are becoming increasingly important to millennials and Gen-Z who are concerned about the environment and want to reduce their carbon footprint.
If you are a single home buyer, the most important advice is to first determine what you can afford. This includes factoring in your credit card and student debt. Obtaining a preapproved mortgage can make the home-buying process much easier and faster. By doing this, you will have a better understanding of your budget and be able to focus your search on homes that are within your price range.