Realtors® might not have been courting couples this Valentine’s Day. As new data from the National Association of Realtors® suggests, single women will be a growing homebuyer-demographic in 2016.
Single women buyers have made up a larger share of the housing market than their male counterparts since the early 1990s, buying at nearly twice the rate. According to NAR’s 2015 Profile of Home Buyers and Sellers, single women accounted for 15 percent of all homebuyers, and many believe that number will increase in the next few years. Women buyers had a median age of 50, 72 percent purchased detached single-family homes and 90 percent used a real estate agent or broker to guide them through 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 homebuyers said that the desire to own their own home was their primary reason for purchasing a house.
Rising Incomes. In large cities across the country, women have seen a significant rise in average income the past few years.
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.