Single women are currently outpacing men in the home-buying space despite entering the playing field late in the game.
According to a new report from the National Association of REALTORS® (NAR), it wasn’t until 1974 that women could legally obtain a mortgage without a co-signer. So how have they risen to the top of the home-buying trend, coming up second only to married couples since NAR began collecting this data in 1981?
Key findings:
In 1981, 73% of home buyers were married couples, 11% were single women and 10% were single men.
Now, 60% are married couples, 19% are single women and 9% are single men.
The highest share of single women buyers was in 2006 at 22%.
The share of single women buyers decreased 15% in 2015.
Since 2015, the share of single women has increased to 19%.
In 2010, the share increased to a high of 12% but has stayed in recent years between 7% to 9% of buyers.
The takeaway:
According to NAR, the increase in single women buyers is likely due to a drop in the share of Americans who are married. Census data shows that in 1990, 59% of the American public was married. Today, that’s down to 52% of the U.S.
Additionally, family obligations may be pushing single women to purchase as well, as they are more likely to purchase a home with a child under the age of 18 and are more likely to purchase a multi-generational home to house adult siblings, adult children and/or grandparents.
To read the full report, click here.
Read more on RISMedia.
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