Single Women Lead Single Men In Home Sales
Single women are becoming a powerhouse in home purchases. The National Association of Realtors (NAR) reports that single women made up 18 percent of all home buying purchases in 2018, which is twice as much as single men. Additional research indicates that single women are now the second largest home buying group, the largest is married couples. It goes on to report that in NAR’s 2017 Profile of Buyers and Sellers, the median age of single female buyers is 32 years old with a median income of $59,000. However, in addition to 30 year olds, purchases are increasing with women of all ages and include women that are newly divorced, women wishing to downsize and female executives in various price points.
High Cost of Rent
One of the biggest reason home purchases by single women is increasing is the rise in the cost of rent. The average rent in the Denver Metro area for a 2 bedroom apartment is nearly $2200/ month. Women have grown tired of paying someone else’s mortgage to help their landlord gain equity. Also the fear of increased rent and being pushed out of the home if the landlord decides to sell the home or not extend your lease.
First a Home Then a Family
It is also believed that the increase in single female women home purchases could be that women are marrying later and putting their financial independence first. Women are waiting until mid to late 30’s to marry and are able to make home purchases on their own.
Putting Family First
I worked with Michelle, a divorced mom with 2 children who had no immediate plans to marry but wanted a home for her children with a yard and the stability that goes with it. We found her a beautiful home in Centennial with 3 bedrooms, a 2 car garage and a large backyard. She has lived there for almost four years and couldn’t be happier plus her mortgage payment is less than the rent she was paying for a 2 bedroom apartment. She’s also happy that the home has increased in value by nearly 47%.
As women’s wages increase they find that the smartest financial decision they can make is to invest in the future by purchasing their own home. They realize you don’t need to be in a relationship to plan for the future. A client recently told me she wants to plan for her own future and not wait for a husband to do it for her.
Tips for Female Homebuyers
1) Before shopping for a home meet with your lender to get pre-approval. This will make your offer stronger in a multiple offer situation.
2) Don’t stretch your budget too far. Keep in mind the maintenance and repairs that will be required when owning your own home. You still want to have money left over at the end of the month.
3) Buy with confidence. In today’s market you can feel confident that the value of the home you purchase will grown in equity.
4) Enjoy. This is a fun process and you will feel good about owning your own home.