What Drives The Increase?
Up until the American housing crisis, single women bought more houses than their male counterparts. Unfortunately, this trend began tapering off as mortgages became harder to attain in the wake of the crisis. Now, it appears more single women are entering the housing market, thanks to new opportunities and more lenient borrowing standards.
Increased Buyer Activity
From 2009 to 2014, the percentage of single female homebuyers dropped from 21 percent to 15 percent. According to the National Association of Realtors®, this decline may be over.
In its annual Profile of Home Buyers and Sellers, the NAR uncovered some interesting statistics representing specific buyer activity. Consistent with years past, married couples made up the greatest share of buyers at 66 percent. At the same time, the survey showed that single women comprised a greater portion of the pie compared to recent years. In fact, after dipping to just 15 percent last year, this market segment rebounded to 17 percent, the highest it has been since it reached 18 percent in 2011. Single female buyers also more than doubled single male buyers (7 percent), despite having much lower annual incomes ($55,300 compared to $69,600.)
Why the Increase?
Over the past several years, single women have expressed a stronger desire to own homes of their home, with strong inclinations toward living closer to family and friends. With less stringent credit conditions and steady job growth, opportunity and buyer willingness appear to have coalesced to create the statistical uptick.
Recent findings from RealtyTrac may also shed light on why single-women are increasing their share of the market. According to the report, women tend have better track records when it comes to paying their mortgages. This tendency may be one of the reasons lenders are looking more favorably toward female borrowers.
Taking Advantage
If employment rates stay steady, there’s good reason to expect increased buyer activity across numerous market segments. From an agent’s point of view, single female buyers can create nice opportunities, especially if incoming requirements and other lending standards remain lenient in the foreseeable future.
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