Over the 3 years, prospective buyers have grown into a more feminine audience: Women buyers have increased by 1 to 1.5% in the main national markets from Boston to San Francisco.
The median age is 50, for a median income of $57,300. 39% of them are first-time buyers. 87% are buyers of previously-owner homes. 90% bought through an agent and the median home price is $169,100 for an average of 1600 sqft. What does it mean? They are more into single-family homes rather than apartments. They don’t seem to need as much as up-key condos.
It seems that millennials tend to target the same kind of products so there is some pressure on home builders’ shoulders who now have to build within that price range and within a corresponding square footage.
For decades, single women played an important role in the U.S. housing market, buying more homes than single men. But after the housing crisis, lenders made it harder to qualify for mortgages, and the percentage of single female buyers dropped from 21 percent of purchasers in 2009 to 15 percent this year. Now they may be poised to make a comeback.
For more than a year, the majority of respondents to a prospective homebuyer survey by real estate brokerage Redfin have been women—this according to more than 17,000 surveys completed on its website since 2012. It appears that single female buyers with rising incomes have made buying a priority in their budget, thus stretching other expenses. It is linked to their strong desire of being a part of a community.
Beyond higher wages, here’s another factor that could bring single women back to the market: Because of their lower household incomes, single women often shop in the same price range as investors looking for rental properties. These played a smaller role the housing market in the latest years. If they keep on receding, single women might find buying even more affordable.
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