Single Women - A Rising Force in Home Buying
I recently read a very interesting set of statistics that I thought I'd share with you today.
I wonder if you were aware that single women are now America's second largest group of home buyers?
As you can see below in the excellent infographic by Mortgage Guaranty Insurance Corporation (MGIC), single female buyers now represent 18% of all home buyers, behind married couples at 54% and ahead of unmarried couples (15%) and single men at 11%.
There is also supplementary information that provides further very engaging related data.
45% of women aged between 18 and 24 have enrolled in college, compared with 38% of men.
Between the ages of 25 and 32, 38% of women have a bachelor's degree, while men again lag behind at 31%.
It's also fascinating to learn that 36% of all single women live at home with parents or other relatives. That's the highest figure since 1940. Their propensity for home buying perhaps suggests that many are perhaps doing to this to help them save hard to buy that all-important first home.
And when the time comes to buy, the median age of first time women homebuyers is 32, with a median income of $49,000.
This is such excellent and useful information, as it shows us that buying trends are changing, especially among the group that we might loosely describe as millennials.
It also means that marketing of homes very much needs to reach out to single women as a very enthusiastic audience.
Workplace and family dynamics have changed significantly over the years and, as an industry and as home sellers, we all need to recognize the very high motivation among women to own a house of their own.
Embedded from MGIC Connects