Single women are a growing force in real estate, and now represent the second largest home buying group, right behind married couples, according to new research from MGIC Connects.
Married couples are still the largest buying segment at 54 percent, but single women are next at 18 percent. Unmarried couples represent 15 percent of buyers whereas single men comprise 11 percent.
And if the education and home ownership connection holds true, single women will likely grow stronger in real estate. About 45 percent of millennial women ages 18 to 24 are enrolled in college compared to 38 percent of men, according to data from the Pew Research Center.
The median age of single women buyers is 32 years old, according to NAR’s 2015 Profile of Buyers & Sellers Report, and their median income is $49,000.
While women are a growing force in real estate, men tend to fare the best when it comes to home ownership values. A report last week showed that homes owned by single women tend to be valued 10 percent higher than homes owned by single men. What’s more, homes owned by single men tend to appreciate 16 percent more than homes owned by single women.
Source: “Women Homebuying Facts,” MGIC Connects (2016) and “Single Women Now Make Up Second Largest Homebuyer Group,” HousingWire (June 1, 2016)