The number of single women buying a home is on the rise. When it comes to your marketing efforts, is this a demographic you’re missing out on?
- 15% of repeat buyers are single women compared with 9% of single men
- 23% of first-time homebuyers are single women compared with 15% of single men
- 15.5 million women live alone compared with 11.8 million single men
- 56% of women are more likely to own their own home compared with 47% of men
- 1/4 of the 8 million single mothers in the US spend more than half of their income on housing
- 13.9 million unmarried women purchased a home in 1994
- 17.5 million unmarried women who purchased a homes in 2002
The numbers speak for themselves and reflect a trend that began as far back as the 1960’s and 70’s. According to the Pew Research Center 45% of millennial women ages 18 to 24 are enrolled in college compared with 38% of men. Progress has been such that as of 2015 the number of women with a college degree surpassed that of men. This means that single women are making better money (equal pay remains an issue) and are waiting longer to start families. And, while many of these single women may or may not be waiting to find a partner, they’re not putting off buying a home.
More than Just a Good Investment
While real estate remains a good investment, there are other reasons some single women are looking to make a home purchase. Many are simply tired of paying rent and the limitations that come with renting. These women are eager to plant roots in a community. For single women with children, schools, after school programs, and daycare facilities are critical when it comes to choosing a neighborhood. Many older buyers have lost a spouse or their children have gone off to attend college or start lives of their own. Whether they’re looking for more space or want a smaller home, single women are a growing force in the market. Here are just a few suggestions on how to market to this fast growing demographic.
- Host a female only home buyer’s workshop
- Have a female by invitation only open house
- Highlight smaller homes with proximity to local amenities
- Take the time to walk client’s through the buying process
- Work local women’s organizations into your networking efforts
- Develop marketing collateral that speaks directly to single women renters
For some (men) this demographic may present some challenges. But, turning those challenges into opportunities is what successful realtors do best.