Single Women: A Growing Segment Of Home Buyers

Date April 30, 2007

Single women are becoming a more important segment in the home-buying market. Married couples still constitute 60 percent of homebuyers, but that proportion has been dropping in recent years. It was 70 percent 12 years ago, according to the National Association of Realtors.

It’s also interesting to note that unmarried women accounted for 22 percent of sales last year – up from 14 percent in 1995. Single men, on the other hand, accounted for just nine percent of home sales last year. That’s unchanged from the mid-90s. Experts say the trend is ripe with opportunities for condominium builders, Realtors and sales agents who specialize in the smaller, low-maintenance homes that single women prefer. Builders are already targeting women when decorating many of their model homes, emphasizing the lighter colors they believe women favor and showcasing upgrades in rooms such as the kitchen. Realtors are emphasizing a neighborhood’s safety and the security of attached garages when talking with single women interested in buying a home.

This home-buying phenomenon is rooted in societal changes, including the fact that women are waiting longer to get married, analysts report. Married women who get divorced also are less likely to remarry, and remarry less quickly than men, according to a study by Rutgers University’s National Marriage Project.

Another factor is the gains college-educated working women have achieved. "They are a solid majority of the college students in America today," said demographics expert Peter Francese. "They have substantial money-making capabilities and that will continue far into the future." A Harvard University study last summer found that unmarried women are buying about one million homes per year. Between 2002 and 2003 they spent $550 billion on residential real estate.

The study showed that single women prefer homes in the city to the suburbs and tend to shy away from new construction. Most women buy smaller homes or less expensive condos that give them a stronger sense of safety while requiring less maintenance.

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