The numbers don’t lie. Women are buying more houses than men and dominating the real estate market.
Let’s hear if for all the single ladies! Single women are a force to be reckoned with in today’s real estate market. According to the National Association of Realtors®, single women make up the largest demographic of home buyers after married couples, purchasing 60% more homes than single men this year.
A variety of factors are contributing to women’s rise in real estate. Most notably, women’s wages have been on the rise as the pay gap gradually decreases, leading to increased financial independence and security. The trend of women in real estate is expected to continue as their numbers and wages continue to increase.
Even though millennial activity is growing, baby boomers are still the largest group of homebuyers. Female baby boomers in particular are dominating the real estate market, with twice as many home purchases as their male counterparts. Single women account for one out of every five home sales in their age cohort.
Being the wealthiest generation doesn’t hurt either. Baby boomers are poised to inherit around $13 trillion over the next 20 years and most are intending to invest some of that money into real estate. 70% of baby boomers don’t think their current home is the best or their last.
Most baby boomers live in the suburbs with large houses on large lots. Women in this demographic have money to spend, but they know their budget. They are often considering more than just themselves in their home purchase, preferring space for entertaining and family gatherings. This slice of customer will not shy away from affordable luxury.
Millennials are starting to make their own way in real estate as well. This demographic tends to favor smaller spaces and higher density areas, near work and social centers. Women in this age range are delaying marriage, if they marry at all, and are generally highly educated, commanding high salaries.
Housing demand for single, female millennials will likely increase along with their salaries. These individuals don’t usually share their parent’s taste for mega homes. Instead, millennials favor unique, stylish, and practical homes, sacrificing size for luxury details. Location is by far the driving factor for this demographic as they prefer walkable neighborhoods and community amenities.
We can expect an increase of market share for women of all ages and the potential for them to start shaping the marketplace. Women are concerned with features such as secure and easy parking, home and neighborhood security, safety, and affordability, in addition to typical home features.
Women are increasing in power, wealth, and market share, and making smart real estate investments!