March 18th, 2014
First-time homebuyers are often referenced when discussing demographics that push home sales, but well-educated, highly paid single women are another force to be watched in the real estate market.
According to a report from Redfin, the number of single women younger than 35 who owned a home in 2013 increased, while the rate of homeownership for single men younger than 35 declined. While women are as cautious as homebuyers as their male counterparts, Redfin noted that they may have more of an urgent response to changes in the market, such as price appreciation and rising mortgage rates.
In fact, women tend to be particular about all the details of a potential new home, including nearby amenities and location in addition to financial considerations.
The National Association of Realtors found that single women were the second largest group among homebuyers. While single women are still behind single men, they are on pace to overtake their male counterparts in due time – especially single women who don’t have children. Furthermore, the population of single women with children has been steadily growing, which may allow this group to expand in the homeownership pool as a result of its burgeoning population alone.