Single Women a Powerful Force in U.S. Housing Market
Single women have become an important part of the housing market, according to a recent story by REALTOR® Magazine.
The story said that single women accounted for 17 percent of all home buyers in the United States in 2016. That number might not seem all that high, but single male buyers only accounted for 7 percent of the housing market last year.
Why are single women more likely to buy a home than are single men? There are several reasons. The story points to the fact that single women are more likely to be parenting children on their own than are single men. Because of this, these single women might be more inclined to purchase a single-family home or condominium.
According to the REALTOR® story, there were 8.6 million single-mother households in 2011. The number of single-father households stood at a smaller 2.6 million in the same year, according to the story.
There is another important distinction between single men and single women when it comes to buying homes. According to the story, single women buy their first homes on average at the age of 34. Single men buy their first home on average at the age of 31. Single women also tend to be less expensive homes. The story says that the average price of homes purchased by single women was $173,000. That figure was $190,600 for single men.
Whether you’re a single man or woman, or you’re married with children, the best move to make before buying any home is to hire a REALTOR® who knows the communities in which you want to buy. These professionals can help you explore homes in the neighborhoods that are a perfect match for you. And REALTORS® will lead the negotiation process to make sure that you pay a fair price for your new home.