You might not expect it but it a recent study has found that single women are purchasing homes an condos at more than double the rate of single males. Last year single women made up 18% of all home purchases while single men accounted for only 7%. In fact, single women are the second largest segment of home purchasers, just behind married couples. Talk about girl power! Single women purchasers include never-married individuals, widows, and divorcees.
This trend in the market shows no sign of slowing down. And homebuilders are taking notice. Homebuilding companies are starting to build with single women in mind. They are building home and subdivision to appeal to women's preferences. For example one development, in North Carolina with McKee Homes, up to 50% of the homes purchased are by single women in their 30s, 40s, or older.
This trend is due in large part to the fact that single women are viewing homeownership as a smarter investment. In fact, not only are single women purchasing more homes than single men but they are investment more in their home purchases too. Single women tend to pay on average $185,000 nationwide for their home purchases whereas single men are only investing on average $175,000 in their home purchase.
Rising rents are a large motivating factor behind this trend. The rising rents nationwide are pushing single women into homeownership. For a survey conducted by Builders Digital Experience, a research and publishing firm, 23% of single women involved in the survey cited that the rising rents where a trigger for them to purchase a home. This was a greater percentage than the 16% average of all recent home buyers surveyed.
Go get it ladies!
*Information for this article was obtained by: Realtor Mag