In honor of March being National Women’s Month, we wanted to take the opportunity to discuss a group dominating the housing market – women. The number of female home buyers has skyrocketed over the past few years. In fact, numerous research studies have proven that this is one of the fastest-growing demographics in terms of homeownership.
A Force To Be Reckoned With
In 2019, the National Association of REALTORS® (NAR) reported that single women, trailing after only married couples, were the second-largest segment of the home buyers, standing right at 17%. For perspective, single men account for only nine percent of home buyers which translated to women owning nearly 2.4 million more homes than men in 2018. Not only are women purchasing more homes overall, they are also purchasing more expensive homes – NAR reported the median price of homes purchased by single women was $200,450 compared to $189,920 for single men.
The Time Is Now
Simply put, the ever-evolving social and economic landscape of America has fueled the purchasing power of women in the housing market. More than ever before, women are prioritizing their careers, thriving with their financial independence and confidently investing in themselves and their futures through homeownership.
Building Wealth Through Ownership
The reasoning behind each women’s choice to buy is as unique as they are. However, there are some common themes. Many women are choosing to settle down independently, as opposed to waiting for traditional milestones. Some women are tired of renting and are seeking the autonomy and stability that comes with homeownership. For others, achieving this personal and financial milestone is enough reason.
Snapshot of Today’s Female Buyer
Across the country, all types of women are purchasing homes. This is not a homogenous group, but instead a distinctive collection of women who, regardless of age, race, income, location, marital or maternal status, are coming out in droves to purchase homes. Research shows that 33 is the median age of women first-time home buyers, 59 is the median age of repeat buyers and one in five buyers over the age of 55 is a single female.
Not only are women clearly a celebrated force to be reckoned with in the housing industry, but also at PrimeLending. Founded by a team of females in 1986, PrimeLending has a rich history of women leading the way with women accounting for 64.6% of all PrimeLending employees, 26.8% of Branch Managers and 56% of the Company’s Officers.
If you’re ready to start exploring your homeownership goals or even further your mortgage knowledge, contact a PrimeLending home loan expert today. We hope the rest of International Women’s Month is fabulous and you’re able to celebrate the strong women in your life!