Single women: A powerful home buying force

Dan and I have worked with several women that have bought homes and it is not their first either.  We found this article to be very interesting and wanted to share it on our blog page.

It seems today, a woman’s prerogative is buying a home. 

Single females account for nearly 20 percent of today’s new home purchases, the second most common first-time buyer behind married couples (63 percent). Single males lag far behind at 7 percent. 

Leading the way are the ladies of the Baby Boomer generation. By either divorcing their spouses or outliving them, many find themselves seeking independent living in their 60s and beyond. Some never married at all. The U.S. Census says the average life expectancy for women is 81, four years longer than men. 

Some might be downsizing or looking for a new start. In all, women over 72 make up more than half of this growing cohort of new single female homeowners.

But women from Generation X are buying in, too, making up about 40 percent of the total. 

Born between 1965 and 1980, most of these single ladies are pursuing the dream of home ownership to boost their personal portfolios, with the added benefit of escaping rising rents. 

According to National Association of Realtors research, some 30 percent of single women buyers under 50 reported they just wanted a place they could call their own. It’s a reflection of the last two decades, where women have been earning college degrees at a significantly greater rate than men and pursuing professional careers. 

The NAR reports just 4 percent of single female homeowners are younger than 37, an option many more might achieve if not constrained by the burden of student loans. In 2012, 16 percent of single women buyers said marriage triggered their decision to buy a home, but by 2016, that number dipped to 13 percent. 

Home buying patterns represent a greater shift in the overall economy. 

As women control more wealth than ever before, single female homeownership is expected to continue rising. This is in keeping with the increase in women earning more and heading households. As a result, their relationships with money and their financial futures are changing as well.

Article provided by Bay Equity Mortgage