All the Single Ladies… Are Buying Homes

                                        

Calling all my single ladies.... homebuyers. You have been an important and growing segment of the housing market for the last few years. According to a recent analysis produced by LendingTree found that single ladies own more homes than single fellows do in the nation’s 50 largest metropolitan areas. The higher rates of homeownership among single women might be surprising given that women tend to earn less, on average, then men. However, there are several reasons why single women may be more likely to become homeowners than their single male counterparts:


Single ladies are more likely to have children residing with them than single men, and the presence of children is an important predictor of homeownership. Ladies also are more likely to be caregivers generally than are men, so planning for caring for an older parent could be another reason women look to become homeowners.

Survey research suggests that women tend to value homeownership less as a financial investment, and more as a place to create a home. The National Association of Realtors® has found that women are more likely to rely on other resources outside of their savings account for a down payment, including family members.

According to the LendingTree study, among the nation’s 50 largest metropolitan areas, the Richmond metro area has the 4th highest share of single female homeowners. In addition, the Richmond metro area has the largest gender gap in homeownership rates among single people. In the region, 16.0% of homes are owned by single women, while 8.9% of homes are owned by single men.

Virginia Beach  and The Washington DC areas also have relatively high shares of single, women homebuyers. In the Virginia Beach metro area, 13.7% of all housing units are owned by single females and 9.7% are owned by single males, for a homeownership gap of 4.0% between single women and single males. The gender gap in the Washington DC region is 4.7%, with 13.2% of all housing units in the region owned by single women, and 8.4% owned by single fellows.

Single female buyers represent a sizable share of the housing market, and it’s important for Virginia REALTORS® members to understand this demographic. All potential buyers are different, and it does not make sense to generalize based on a marital status or person’s sex.  Recent data has shown that homes purchased by single ladies buyers appreciate less quickly than those bought by single male buyers, so talking about opportunities for home value appreciation early in the homebuying process could be beneficial.

Are you interested in starting the homebuying process? Contact me today! Click here!