Single women are purchasing more homes than single men.
If there were any indicators in the women equality arena to show that women are making great strides, the real estate market is certainly one of them. Purchasing a home is usually the goal of couples who are looking to take their relationship to the next level. Statistics are now showing, however, that single women are purchasing more homes than single men.
Recently the Washington Post published an article by Kenneth Harney explaining his thoughts on single women in regards to real estate and how they now account for more real estate purchases than single men do.
The last U.S. Census Current Population Survey used 60,000 households as the sampling factor. Ralph McLaughlin, Chief Economist for the consulting firm Vertas Urbis Economics, was cited as stating that of the total home purchases during 2017, the share of purchases made by single women, which includes never married individuals as well as widows and divorcees, hit an all-time high of 22.8 percent.
With this being public knowledge, home builders are now designing more homes and subdivisions to appeal to women’s preferences. A builder in the North Carolina market, McKee Homes, saw that in some of their subdivisions up to 50 percent of the homes were purchased by single women in their 30s or older.
So, what is driving this? Another Washington Post article, this one by Cara Strickland, stated that women see purchasing a home differently than men. Regardless of whether they have children, women are more interested in decorating and furnishing their homes than they are in shopping for new clothes.
Well, you may ask why single men aren’t purchasing as many homes. It has been documented that most single men plan to be coupled before purchasing a home.
If you think about it, just a generation ago, women waited for marriage to own their personal dream home. Now it seems that the tables have turned. Home purchasing waits for no man, which is amazing!
Another factor that influences home purchasing is rising rent. According to the article, recent studies conducted by publishing firm Builder’s Digital Experience show that 23 percent of single women cited rising rent as the main motivation behind their home purchase.
Why are men not moving faster when it comes to purchasing homes? It seems like they have less concern about root planting in comparison to their female counterparts.