Single Women are the 2nd Largest Home Buying Group

According to the National Association of Realtors’ (NAR) 2015 Profile of Home Buyers and Sellers, single women made up 18% of all first-time home buyers in 2015, second only to married couples who made up 54% of total buyers.

Whether they are young, single and no longer want to rent, the amount of single women becoming homeowners greatly outnumbers single males (11%). Some interesting trends about this growing group of home buyers:

• Average age: 32 years old
• Average income: $49,400
• Single women are more likely to get pre-approved for a mortgage early in the home buying process and are able to make a move when they find their dream home.
• Many female home buyers have a long-term approach when buying a home, often considering the amenities they may need in the near future.
• Women believe home ownership is an investment in the future by building equity and building financial security.
• Women want to pay their own mortgage – not a landlord’s mortgage.
• Women see home ownership as a vehicle to independence.

It appears the notion of “marriage before mortgage” no longer applies.  This is true for both men and women.  As I reported yesterday, unmarried couples make up 13% of buyers.

Real Estate Bottom Line

If you dream of having your own home, let’s discuss to determine if your dream could become a reality sooner than you think.