While research generally indicates women are less financially well off than men, one key area in which women have better results is homeownership. A fascinating trend is happening in real estate: more single women are buying homes in 2024! But why?
Traditionally, homebuying has been associated with couples or families, but times are changing. “In 1981, 73% of homebuyers were married couples, 11% were single women, and 10% were single men. Today, those shares stand at 59% married couples, 19% single women, and 10% single men.” (Source: National Association of Realtors)
An easy explanation is that there are fewer married couples overall, but the reasons more single women are investing in a home without a partner are varied and interesting to reflect on. Let’s discuss the push behind this trend and what it means for the housing market.
Key Findings
- Across the U.S., single women own 2.71 million more homes than single men. Single women own 10.95 million homes, while single men own 8.24 million. Put another way, single women own an average of 12.93% of the owner-occupied homes across the 50 states versus 10.22% among single men.
- The homeownership gender gap has increased slightly since 2021. Single women owned 10.76 million homes across the U.S. in 2021, while men owned 8.12 million — a difference of 2.64 million. This means that the 2022 gap of 2.71 million is 70,000 homes higher than in 2021.
- Delaware, with the highest share of homes owned by single women, has the largest homeownership gap. 15.34% of owner-occupied households in the state are owned by single women — 5.89 percentage points higher than the share of homes owned by single men.
Source: Lending Tree
1) Financial Independence Makes Buying Easier
Gone are the days when women relied solely on spouses or partners to make significant financial decisions like purchasing a home. Today, women are more financially independent, career-driven, and empowered than ever before. With more education, higher incomes, and greater financial literacy, single women are confidently stepping into homeownership.
2) Building a New Lifestyle as a Homeowner
As more single women enter the homebuying market, there’s a growing demand for properties that cater to their specific needs and preferences. One of the most important features women are looking for is safety and security features, making Kerley Family Homes’ metro Atlanta communities a top choice! They are also interested in proximity to amenities and accessibility to work. Builders and developers are taking note of incorporating designs and amenities that appeal to this demographic.
Check out our two new townhome communities perfect for single professionals – Park Center Pointe and Park View Reserve – that include low-maintenance living spaces, flexible floor plans, and energy-efficient features.
3) Proximity to Friends and Family is Important
Another common motivation among single women for purchasing homes is to live closer to family and friends. For many, the importance of connections, community, and support networks, especially for women with children, outweighs other considerations.
Whether it’s to be near aging parents, supportive siblings, or simply to foster stronger bonds with friends, the desire for proximity to loved ones is a driving force in homebuying decisions for single women as they move into the housing market in greater numbers.
4) Homebuying Can Be More Stable Than Renting
In the long run, homebuying can offer more stability than renting. Many single women see purchasing a home as a way to be more financially stable. Unlike renting, where monthly/yearly costs can fluctuate without notice and with no changes or upgrades to amenities and features, owning a home provides more control. With fixed mortgage payments and the potential for building equity, homeownership offers a solid foundation for future planning and stability.
The trend of single women buying homes is not just a passing phase; it’s a reflection of societal shifts. As more women continue to purchase homes, their influence in the real estate market will continue to expand. For homebuilders, developers, and marketers, embracing this change presents an opportunity to innovate and create spaces that resonate with a more diverse audience.
At Kerley Family Homes, we cater to all homebuyers interested in our new communities! Call an agent for more information on our available move-in ready homes, current promotions, and open house tours!
