Single women have been the dominant home buyers of in the U.S. since the late 80’s just behind couples. The graph below by Redfin.com, shows that single women purchasing power is rising in the last age category for single home buyers that men are ahead in which is under the age of 35. The group is smart, educated, and successful. They are taking advantage of their savviness and making smart investments.
According to the National Association of Realtors, single women have been buying homes at twice the rate of single men since the mid 1990’s. In the association’s Profile of Home Buyers and Sellers, single women made up 18 percent of home composition while single men only made up 10 percent.
Jeanie Douthitt owner of Smart Women Buy Homes, is in Texas and takes her female clients very seriously. Her own experience has inspired her to help single women buy homes. Douthitt says many women, accomplished in other realms, feel slightly intimidated by real estate and mortgages.
Douthitt’s approach is to get women approved for their mortgages and loans first, so then they can see how much they can afford to spend on a house. According to Redfin’s buyer survey in February their has been a recent elevation in urgency for women to buy houses due to rising mortgage rates and home prices. Regardless, according to the graph Homeownership: Where Single Women Prevail from the New York Times women with a 30 year fixed rate mortgages at around 5 percent interest are the most successful buyers on the market.
“I have more young, single female clients than ever. They are all highly educated, have great jobs and are far more organized and in tune with market conditions than their male counterparts,” said Redfin Los Angeles real estate agent J.V..
J.V. also stated that his young female clients were the most thorough and aggressive with negotiating of any other group of clientele he serves. He has been watching the single women purchasing power of America steadily increase for some time now, as single women buy homes. That means a lot coming from somebody with experience being a Los Angeles real estate agent, which is one of the most competitive real estate markets in the world.
Another factor to consider is the raise in rent prices. New York renters can pay upwards of $2,000 dollars a month for a one bedroom apartment in an affluent section of the city they will never own. That price is roughly the equivalent of a monthly mortgage payment, at times the prices of apartments can far outweigh the cost of buying a home.
In Susan Johnston’s article for Daily News, “More single women buying homes than single men”, Julie Cook, a public relations professional in Michigan, said, “At this point, it was a better way to spend my money than putting it into rent. I might as well get equity.”
Elizabeth Marquart is Southern California’s real estate expert and home improvement project manager of choice. She always provides reliable and diligent real estate representation-all with the highest degree of integrity. Visit www.ElizabethSells.com or contact her for any real estate and home improvement questions by calling (310)246-0888 or at AskElizabeth@ElizabethMarquart.com.