Boston single women leading the charge for first-time home buyers
Boston Condos for Sale
Boston single women leading the charge for first-time home buyers
In today’s housing market, more and more single women are becoming homeowners. According to data from the National Association of Realtors (NAR), 19% of all homebuyers are single women, while only 10% are single men.
If you’re a single woman trying to buy your first home, this should be encouraging. It means other people are making their dreams a reality – so you can too.
Why Homeownership Matters to So Many Women
For many single women, buying a home isn’t just about having a place to live—it’s also a smart way to invest for the future. Homes usually increase in value over time, so they’re a great way to build equity and overall net worth. Ksenia Potapov, Economist at First American, says:
“. . . single women are increasingly pursuing homeownership and reaping its wealth creation benefits.”
The financial security and independence homeownership provides can be life-changing. And when you factor in the personal motivations behind buying a home, that impact becomes even clearer.
The same report from NAR shares the top reasons single women are buying a home right now, and the reality is, they’re not all financial (see chart below):
If any of these reasons resonate with you, maybe it’s time for you to buy a Boston condo for sale too.
Work with a Trusted Real Estate Agent
If you’re a single woman looking to buy a home, it is possible, even in today’s housing market. You’ll just want to be sure you have a great real estate agent by your side.
Talk about what your goals are and why homeownership is so important to you. That way your agent can keep what’s critical for you up front as they guide you through the buying process. They’ll help you find the right home for your needs and advocate for you during negotiations. Together, you can make your dream of homeownership a reality.
Boston Condos for Sale and the Bottom Line
Homeownership is life-changing no matter who you are. Let’s connect today to talk about your goals in the housing market.
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Boston single women leading the charge for first-time home buyers
Throughout Women’s History Month, we reflect on the impact women have in our lives, and that includes impact on the housing market. In fact, since at least 1981, single women have bought more homes than single men each year, and they make up 17% of all households.
Why Is Homeownership So Important to Women?
The rise in women pursuing homeownership hasn’t just made an impact on the housing market. It’s also been an asset for those buyers and their households. That’s because homeownership has many benefits, both financial and personal.
On the financial side, housing proves to be the key to building wealth for single women. Ksenia Potapov, Economist at First American, says:
“For single women, housing has always made up a large share of total assets. Over the last 30 years, the average single woman’s wealth has increased 88% on an inflation-adjusted basis, from just over $142,000 in 1989 to $267,000 in 2019, and housing has remained the single largest component of their wealth.”
The financial security and independence homeownership provides can be life changing, too. And when you factor in the personal motivations behind buying a home, that impact becomes even clearer.
A recent report from the National Association of Realtors (NAR) shares the top reasons single women are buying a home right now (see chart below):
Boston Condos and the Bottom Line
Homeownership can be life changing no matter who you are. Let’s connect today to talk about your goals in the housing market.
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Single women are proving to be a powerful force in the Boston real estate housing market, accounting for ownership of about 5.2 million homes, while single men own about 3.6 million homes in America’s 50 largest metros.
Single-women own more homes than single men
This might seem a bit surprising, considering that in 2020, women were making only 81 cents for every dollar a man earned, according to research by PayScale. But nonetheless, a new report by LendingTree found that in all of the 50 largest metropolitan areas, single women own more homes than single men do.
According to the 2020 Profile of Home Buyers and Sellers by the National Association of Realtors, the median age of single female first-time home buyers is 33, while the median age of single female repeat buyers is 59.
Single women are much more likely than a married couple to purchase a townhome or condo. And single women, more than any other household composition, cited the convenience to friends and family as an influencing factor in their neighborhood choice, at 50 percent.
Boston Real Estate and the Pandemic
The pandemic has accelerated the urgency to buy Boston homes. Buyers have sought housing with more rooms, more square footage and more yard space, as they embraced home workouts and working from home.
There isn’t a single metro among the largest 50 where single men own more homes than single women, reports LendingTree, which analyzed Census Bureau data. The average difference between the share of homes that single women own compared to single men is 3.7%.
Boston Real Estate and the Bottom Line
Boston has the largest gap, 5.86%, in homeownership rates among single women and men, which amounts to nearly 66,300 homes.
