Todays real estate market still has the same primary demographic buying the majority of homes available - married couples. However, the segment of the population that is buying the second most amount of homes is none other than single women. The National Association of Realtors just reported that ever since the 1990s, single women have dominated the home buying scene by more than double the numbers realized from single men. Furthermore, roughly one in every five homeowners today are single women.
Just last week we reported in a blog that women as a whole today are increasing their influence and involvement in the luxury real estate market as well. Evidently, this is looking like a trend that is only growing to continue to evolve as we go forward. So what are the five reasons from Dame Magazine as to why more single women are buying property today? Please see below:
More Women are Single - The average age for marriage for a woman has risen by 20% already since 1980. In addition, in 2011, 53% of all single adults were female and this number is only expected to rise with delaying marriages, rising divorce rates, and as women pursue more extended education and career options.
Barriers were Broken - Prior to the 1970s, women found it incredibly difficult to gain any credit. However, since the Equal Credit Opportunity Act of 1974, things have completely changed. Steve Melman, the Director of Economic Services for the National Association of Home Builders, reported that, Once upon a time, youd market a home only to a family. Only the husbands income even counted. Just think of how far weve come in 40 years.
Money Matters - With such great social progress, there has been a parallel climb for womens wages and job opportunities. Thirty years ago women accounted for 41% of all college graduates and today that number is at 54%. While mens wages have held constant, womens have increased by 10% over the past ten years. What is more is that women now also hold 52% of all white collar jobs. It goes without saying and according to American Demographics Magazines Founder, Peter Francese, that, The value of brawn just keeps dropping like a stone.
More Women Rule the Roost - Today, unmarried couples see women earn more than the men 60% of the time. Also, single women are typically the ones taking care of the children. The average age of single family homeowners was 48 in 2001 and 56% of single women homeowners are repeat buyers. As women typically live longer than men, many are also buying property later in age.
Biology - Francese also goes on to mention that, With very, very few exceptions, the female of every species makes the nest. Its a very successful survival strategy. Francese then went to detail how in todays society far more of the women are the primary decision makers within the home and are typically more financially savvy and cautious than are men.
This is not bad news for men, however. Experts agree that men in their younger single years focus more on consumption and careers, often looking to live in different places and move around renting property. Women, on the other hand, are less likely to move cities or even abroad. Although also being incredibly successful in their own career endeavors, women also have the settling down factor in the back of their minds; thus making them eager to prepare the nest and buy young if possible.
More Information: Dame Magazine