All the Single Ladies…are first time home buyers
Single women have never had more buying power or a stronger desire to buy than they do today. Despite financial hindrances like the wage gap, higher instances of debt and workplace stigmatization for motherhood, women are still outpacing men in new home ownership. According to data from the National Association of Realtors, single women account for 17 percent of U.S. homebuyers, single men, comparatively, comprise just 7 percent.
Marelyn Rivera Chief of Staff for Freeholder Anthony Romano and a single millennial lady herself describes the real estate trend as an echo of a greater shift in cultural understanding, “The social norm of what a woman is, is being redefined and there’s a sense of empowerment to being a single woman.”
Miss Rivera goes on to say, “Women are being more productive and understanding that if they are renting they are investing in something already so why not invest in something that you will see a return on.”
The trend is one of financial common sense as young single women find themselves tired of roommates but priced out of one bedroom apartments. For this demographic, buying can serve as a financially sound investment that improves their overall quality of life.
Single millennial women looking to invest in their first home have different priorities and criteria than their male counterparts. Security and or gated access, proximity to fitness and entertainment outlets and 2 or more bedrooms all top the list of requirements. With a median age of 32 these women are typically spending less than $200,000 and preferring to shop for their homes in or near city centers as opposed to suburban markets. Willing to compromise size but not location, millennial women prioritize luxury amenities and quality neighborhoods.
With more and more women choosing to commit to career and a full, fully realized life of singlehood the trend towards independent female ownership shows no signs of slowing.