When compared to their male counterparts, single women are becoming one of the most important demographics in the housing market - especially when it comes to buying. Of the recent buyers who are single, women accounted for 60% more home purchaes than men across all age brackets. Single women are proving to be the largest home buying demographic after married couples. This trend is projected to increase over the next few years due to the decreasing gender-pay gap, increased financial independence for women, and faster increasing incomes above males in some localities.
Baby boomers still own the housing market even though millennials are becoming rather successful in the real estate market. Single female baby boomers are apt to purchase twice as many properties as single men and account for 1/5 of the houses sold in their own age cohort.
Traditionally, the wealth of baby boomers exceeds any other generation. Baby boomers will inherit $13 trillion in the next 20 years and 70% do not believe their best home is or will be their current home. In 2015, over 1,000 single female boomers found that 74% are just as happy and confident as they were at age 35. Such confidence means that these women are going to continue to purchase property at bigger and higher rates.
Both the interior design business as well as the housing market are affected by this trend and businesses would do well to target single female baby boomers in consideration of their preferences. Other generations dwell in smaller city aparments while boomers overwhelm Suburbia. Customization is highly attractie to single female baby boomers and the option to select hardwood cabinetry, granite, or marble countertops are a luxury enjoyed by the ladies. Lady boomers are not shying away from affordable luxury such as glass-gated walk-in showers and custom bathtubs.
The bottome line: the number of single female home owners is only rising and there are subtle, pronounced differences in how women approach a remodeling project as opposed to their counterpart. Women know their budget and are very disciplined at working within that budget. There is also the desire for personal reflection and style to be evident throughout a design process. Women excel at research and financial decision making and want the best quality products and craftsmanship for their buck. Lady boomers are concerned about others and tend to focus on individual comfort for themselves as well as family and friends who stand to benefit from their design choices.
Single women are coming into their own in the housing market regardless of age.
The younger generation, millennials, tend to flock to smaller spaces in major cities which are close to workplaces and social centers. Millennial ladies are marrying later and tend to be rather well-educated. As salaries increase, so will their demand for housing and it is no secret that marriage rates in the U.S. are at an all time low. This makes singles an even more prominent player in the housing market which has traditionally been ruled by marrieds.
Millennials long to be different from their parents and many oppulent designs will not sell within this age bracket, which tends to favor unique, stylish, but practical designs.
Location is proving to be of particular importance as the upper end of the market prefers apartments or condos in dense communities where vibrant street life is expected. San Francisco and Pittsburgh are currently enjoying downtown booms, with escalating numbers of well-paid women moving in year after year.
It will become increasingly important to market to women of all ages as the housing market continues to change. Marketing to generations that will never be homogeneous is a sure flop. All women should be offered a variety of choices and designs with features such as easy parking, safety, and overall affordability. Such choices are very appealing for single females.
The real estate industry is paying a lot of attention to single women as they are clearly on the upswing financially as well as demographically. Despite the rising prices in certain localities, the U.S. economy favors the growth of home buying. Even lenders are making it much easier to obain mortgages after crunching down during the financial crisis and many are saying that now is the time to buy as U.S. property prices are expected to increase in value following the housing bust.
Single women are the most important demographic to watch out for in this increasingly fragmented housing market. Single women are rising in power, wealth, and market share. They are a force to be reckoned with.
If you'd like to learn more, please don't hesitate to message Lang Premier Properties online or call us at 1-855-526-4466.