These days, growing numbers of single women are boasting a new title: Homeowner! Since the mid-1990’s, single women have purchased homes at nearly twice the rate as single men, according to the National Association of Realtors. The latest Redfin Real-Time Homebuyer Report surveyed 1,353 active homebuyers who have recently toured homes with Redfin and sheds light on single women’s homebuying preferences and behavior. We found that:
- Single women are most likely to look for a home when they are between the ages of 25-34. Of those surveyed, 54% of single women looking for a home were between the ages of 25-34 compared with 53% of single men. 21% of single women and 29% of single men looking to buy a home alone were between the ages of 35-44.
- Single women look for a home they love; single men prioritize a good value. 46% of women buying a home on their own said they rely on their emotions to evaluate a home whereas 54% think more about value and cost. Only 24% of single men, on the other hand, evaluate a home based on emotions.
- Single women are less likely than single men to be buying a home for investment purposes. Of those surveyed by Redfin, 3% of single women were planning to buy a home for rental income, none were planning to renovate and flip it. Comparatively, 7% of single men were planning to buy a home for rental income, and 2% were planning to renovate and flip it.
- Single women were much less likely to buy a short sale or a foreclosure than single men. Only 13% of single women surveyed were interested in buying a short sale or a foreclosure versus 30% of single men. Single women and single men were equally as interested in buying a new home or a conventional sale, where the owner is the seller, with approximately 60% of respondents.
- Facing rising prices, single women said they would be more likely than men to step back or to do whatever it takes to secure the home; single men said they are more likely to stay disciplined. 54% of single women said they would stay disciplined, 30% said they would step back, and 16% would do whatever it takes. Comparatively, 66% of men buying alone said they would stay disciplined, 23% said they would take a step back, and 12% said they would do whatever it takes.
For additional insight into the trend of single female home ownership, check out the latest articles from U.S. News & World Report and Loans.org.
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