Single Women Account for Almost a Quarter of Homebuyers
As American society and standards change over the years, so does the profile of a typical homebuyer. While married couples still represent the majority of home purchasers (61%), single women now account for almost one quarter of the homebuyers nationwide.
Three or four decades ago, it was near impossible for a woman to secure a mortgage on her own. Today, 22 percent of purchased homes are bought by single women. That’s more than half the number purchased by single men who only account for 9 percent, according to reports by the National Association of Realtors.
As compared to past generations, women today are financially independent and supporting themselves without the income of a spouse. More than 50 percent of adult American women live on their own, according to data from the U.S. Census Bureau.
Alternative mortgage options that require little cash down are making it easier for people who don’t have a lot of capital or hefty savings to become home owners. The shift in societal norms and emergence of non-traditional loan options may, in part, be why single women are bursting onto the home-buying scene in such numbers.
No matter the reason, women are a significant portion of present homeowners and future residential real estate buyers.