Realtors might not be courting couples this Valentine’s Day, yet new data from the National Association of Realtors suggests the single ladies are where we’ll find the home buyers of 2016.
Single women have made up a larger share of the housing market than their male counterparts since the early 1990s. These women have a strong desire to build and be part of a community, and do not believe that marriage is a prerequisite to homeownership.
According to NAR’s 2015 Profile of Home Buyers and Sellers, single women accounted for 15 percent of all home buyers, and many believe that number will increase over the next few years. These buyers have a median age of 50, 72 percent purchase detached single family homes, and 90 percent of them use a real estate agent or broker to help them with the purchase process.
Here are some reasons why single women are set to take the 2016 real estate market by storm:
Desire to own: Thirty-seven percent of unmarried female home buyers said the desire to own their own home was their primary reason for purchasing a house. Women are the most likely to make sacrifices, like cutting spending on entertainment or luxury items, in order to afford purchasing their home. This self-discipline demonstrates just how high a priority they place on homeownership.
Rising incomes: In large cities across the country, women have seen a significant rise in average income over the past few years. Traditionally, single female homebuyers have had to stretch their budget to buy a home. Now these unmarried women can enter the housing market without taking on that financial burden.
Availability of housing: According to NAR research, single women typically purchase single-family homes with three bedrooms and two bathrooms – the same properties usually targeted by investment buyers. Over the last year, people buying homes strictly as investment properties were not as active in the market in 2015. If investors continue to back away from the market, that means housing could become even more affordable, not just for women, but all single-family home purchasers in 2016.
Contact your Realtor today to talk about your home buying options in 2016.
The Greater Chattanooga Association of Realtors is “The Voice of Real Estate in Greater Chattanooga.” The Association is a regional organization with more than 1,500 members, and is one of more than 1,400 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. The Greater Chattanooga Association of Realtors services Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade, and Walker counties in northwest Georgia. For more information, visit www.gcar.net.