May 31, 2018

Home Buying Trend: Women Buying More Homes than Men

There’s a new home buying trend that’s revealing a gender gap, and this time men are taking a back seat to women. Single women now make up the second largest group of home buyers, only behind married couples. Based on a survey data by the National Association of Realtors (NAR), single women bought homes last year at a rate that was more than double that of single men. Single women accounted for 18% of home buyers in the U.S. in 2017, while single men accounted for only 7% of home purchases.

The Chicago Tribune, which ran an article recently on this home buying trend, said many women are buying homes because they want to get out of apartments, and because rents are rising. The article also said that single women buying homes are not necessarily all young, but instead many are in their 30s, 40s and even older. A spokesperson for the NAR told the newspaper that women buying homes today are also more likely to have children living with them who are not yet grown.

What Do Women Look for when Home Shopping?

According to recent survey by Redfin, women prefer homes require less work. For instance, they like homes that are move-in ready from the get-go and homes where exterior maintenance is included. That way they don’t have to worry about yard work or power washing the siding. Women also prefer homes that have all the appliances included in the purchase price.

Women are also more concerned with the interior layout of homes than men. And having more square footage, more bathrooms and more bedrooms is also more important to them than men. Builders have reportedly taken note of the new home buying trend, and started to design more homes that appeal to women.

What Else Is Important to Women when Home Buying?

Here are some other factors that are more important to women than men when choosing a home, based on the Redfin report. Here are three that we found interesting:

  • Location – Having a home that’s centrally located is 5.6% more important to women than men and women rate being close to good schools as 6.6% more important.
  • Neighborhood Safety – Being in a neighborhood that’s considered safe is 4.8% more important to women than men
  • Proximity to Others – Being close to neighbors is 3.8% more important to women than men

Want Faster Mortgage Processing for Your Home Buying Experience?

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