Single Women are Dominating the Housing Market at Twice the Rate of Single Men
Women, taking stronger advantage of a single lifestyle, are dominating as homebuyers, buying homes at twice the rate of single men, Pew Research Center reports.
Statistics show that today, one in five women over the age of 25 has never been married, contrasted to 9 percent of women in 1960, when the average age to marry was 20 years old for women.
In Virginia Woolf's essay "A Room of One's Own," she emphasized how women need their own private space in order to flourish, and by the looks of housing market statistics, women agree.
Seventeen percent of homebuyers in the U.S. are single women, compared with just seven percent of single men, the National Association of Realtors (NAR) reported last year.
"They really value home ownership, and they’re willing to give up a lot to have a home of their own," Jessica Launtz, NAR's managing director of survey research and communications told Bloomberg.
Many women are willing to get a mortgage to provide financial security, hoping to permanently settle in their investment.
" think women, even with lower incomes, want a place where they can have roots and really own a place. The psychological desire to do that is great," Launtz said.
According to the Pew Research Center, in 2011 there were 8.6 million single-mother households compared to only 2.6 single-father households.
Single women are likely to purchase their first homes at age 34 when compared to single men aged 31, and at a typically lower average price: $173,000 compared to $190,6000 Bloomberg reports.
"There's a domino effect," Daren Blomquist, a senior vice president of ATTOM Data Solutions said. "Because of the wage gap, you see women having to purchase lower-value homes, and they're more open to risk when they do."
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