Women Dominate The Single Homebuyer Market

For the single buyer, saving for a mortgage and planning out finances are key

Women Dominate The Single Homebuyer Market
May 3, 2016

Data provided by the National Association of Realtors shows that 15 percent of all homebuyers during 2015 were single women, almost twice the nine percent of single men who purchased a home last year. While this number is down from the three previous years, which saw 16 percent of the buying market made up of single women, it is still a significant amount. Single male homebuyers have consistently represented a smaller share of the market, with their numbers peaking in 2010 at 12 percent.

Several realtors presented their thoughts on what trends single women seem to follow. Re/Max Traditions Real Estate agent Valerie White noted that some women purchase a condo with the intention of selling or renting it out later if they get married and need a larger house. Others, especially older women who either haven’t married or are divorced or widowed, look at condos because they are smaller and are easier to maintain.

Regardless of the type of property, agents stress that single buyers, especially first-time buyers, should educate themselves about the buying process and even look at the rental market as an alternative option. This is also true for those who are initially only looking to rent. In some areas, rents have greatly increased, and it may actually be cheaper to purchase a condo or small home. These markets may also be ideal for those with plans to later rent out their condo if they need a larger home.

Moneytips can help you refinance your existing home loan.

Photo ©iStockphoto.com/Peopleimages

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