Profiling the Single Woman Home Buyer

December 1, 2007 by Redfin Blogger

Reading Time: 2 minutes

Recent posts on Sweet Digs Seattle:

Not too long ago (like in the 70’s) a single woman could barely get a line of credit by herself let alone a home loan. Thank God those days are gone! So why do single women make up more than 20% of home buyers today? Why do more unmarried women buy homes than single men?

I ran across an interesting Analysis on Unmarried Female Home Buyers published last year by the Joint Center for Housing Studies at Harvard University. According to the study the distribution of recent home buyers stacks up like this:

20% single women
17% single men
63% married couples

The group of unmarried female buyers is very diverse and includes women of all ages and races, widows, divorcees, with and without children. The most interesting fact is that these women home buyers on average tend to make much less income than married couples or single men. So why are single women buying homes in increasing numbers?

Top reasons unmarried women buy a home are:

Strong desire to own her own home.

Need more space or want smaller home.

Relocate closer to job, school or family.

Trends for Single Women Home Buyers

3 out of 4 women spend less than $200,000.

Prefer 2 bedrooms or more.

Less likely to choose new construction.

Buy in city over suburban areas.

Will compromise size & cost to get other amenities.

Will not compromise on location or quality of neighborhood.

Prefer condominiums with well run homeowner associations over single family homes.

Smaller spaces are acceptable.

Desire security and / or gated access.

Like to engage in social interaction with neighbors.

Want close proximity to stores, shopping and fitness centers.

(quoted from About.com summary of Joint Center for Housing Studies)

I’d love to hear from the single women Redfin users who are purchasing a home. Why are you buying a home and what has been your experience so far. Any tips you would like to share?

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