Are Single Women Changing the Home Buying Market?

May 25th, 2016 By Theresa Geyer in Blog. Tags: , , , , , ,

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Originally posted by Megan Wild of HousecallWhile women in business schools and C-level suites may still hover on the low end when compared to their male counterparts, single women are currently proving to be one of the most important demographics in the home buying market.

The National Association of Realtors® (NAR) reported this year that — of the recent buyers who are single — single women accounted for 60 percent more home purchases than single men, across all age groups. They are actually the biggest home buying demographic after married couples.

This trend of single female home ownership is projected to increase in the coming years, thanks to a variety of factors. The gender-pay gap is decreasing, giving women increased financial independence. In some areas, their incomes are even increasing faster than their male counterparts’ are.

Generational Gap: Baby Boomers (Still) Own the Housing Market

Even though millennials show great promise in the real estate market, baby boomers are still the largest group of homebuyers. NAR found that single female baby boomers buy twice as many homes as single men do and account for one out of every five houses sold in their own age cohort.

Additionally, baby boomers are wealthier than any other generation. They are set to inherit $13 trillion of wealth in the next 20 years, and 70 percent of them believe that their current home will not be the best one that they live in. Contrary to cat lady stereotypes, a 2015 survey of over 1,000 single boomer females found that the overwhelming majority — 74 percent — are as confident and happy as they were at 35. These women are going to keep buying houses. Better, bigger houses, at that.

This trend affects the housing market as well as the interior design business. A company that targets single female baby boomers would be wise to consider their preferences. Boomers overwhelmingly live in the suburbs and have more space than other generations who camp out in smaller city apartments. Custom hardwood cabinetry, granite or marble countertops, and the ability to customize are all attractive options for single female baby boomers. This slice of consumer will not shy away from affordable luxury, like a glass-gated walk-in shower or custom bathtub.

Head over to Housecall to continue!

 

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