Single females a growing market force
CHICAGO – March 7, 2016 – Since the early 1990s, single women homebuyers have outnumbered their male counterparts, snatching up real estate at nearly double the rate, according to the National Association of Realtors® (NAR).
But this year they're on a roll, and experts don't expect that to stop anytime soon.
Single women accounted for 15 percent of all homebuyers – the second largest segment of homebuyers behind married couples, according to NAR's 2015 Profile of Home Buyers and Sellers. Many experts predict their numbers will continue to increase in coming years, particularly since their average incomes have significantly risen over the last few years.
The median age of single female homebuyers is 50, according to NAR, with the majority drawn to single-family homes with three bedrooms and two bathrooms. Location matters, too. "They often want to buy to be close to friends or family," says Jessica Lautz, NAR's managing director of survey research and communications.
Mary MacDiarmid, a broker with @properties in Chicago, told The Chicago Tribune that she's worked with several single women purchasing condos. She says about a decade ago, this type of clientele routinely brought their parents to showings. Now, she says they do it on their own: "They're not looking for someone else's approval."
Source: "2016 Home Buying: All About the Single Ladies?" The Kansas City Star (Feb. 19, 2016) and "Single Women Are Big Homebuyers in Chicago," Chicago Tribune (Feb. 28, 2016)
© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688