Women have the purchasing power now!
The number of single women who’re buying homes in America compared to their male counterparts is growing at a remarkable rate. A new report by LendingTree has found that in 50 of the largest metropolitan areas of the United States, single women own more homes than single men do. And the average age of women buying homes for the first time is 33. Young, independent, and financially educated women are taking the real estate world by storm!
Given how women’s space in the professional world as well as home has grown multifold (there’s still a long way to go though), a growing, and in some cases, major part of big decisions like home buying, investments, and homeowner insurance policy are being made by women today. When couples browse for their new home, it’s often the woman who eventually decides whether or not they’re buying that house.
Regardless of where they are personally, women have become important decision makers with $7 trillion in spending power today (source link?). Single women, especially those with children, are the second largest set of homebuyers after married couples. Today’s women have more independence – financially and socially. And that has made them realize the importance of making the right choices that will never render them dependent on anyone else.
According to LendingTree’s study, in America’s top metropolitan areas, single women own 22% of homes while single men own 13%. It’s a new kind of gender gap we’re seeing here. Breaking the norm of married couples buying homes to build their family, single women are slowly changing the rules for themselves today.
As women take the lead in reshaping and restructuring our society, they are still the ones to think about their dependents. Whether it’s buying a home for themselves or their family, or buying home insurance, women have carefully considered what’s best for the future of their families. Despite the persisting wage gap, women have still found ways to empower themselves financially and with them buying homes now more than ever, we’re going to see a big shift in financial power.
Reasons for this gap between men and women with homeownership aren’t completely clear yet. But it’s safe to say that women prioritize buying a home from a young age. If you’re a woman reading this, you should know that buying a home is always going to be a big objective and we have a few tips for you to keep in mind while you achieve this goal.
The first step to making a big purchase or an investment is to find out as much information as you possibly can to know what you’re about to get into. From home mortgage insurance, make it your priority to know everything. Information is the best tool you can have.
Sit back and think about your ideal day in your home. You may be living in the busiest part of town right now but is that where you want to buy a house? Or do you want to move to the suburbs? What are the benefits of buying a house in either of these locations? Do you want pets? There’s a lot to factor in.
Your budget can help you zero in on the location and size of your home. Look at your finances and get help understanding them to set the right budget. Learn about what you can and can’t fit in your budget to lessen the pressure.
We hope this helps you move in the right direction towards buying a home for yourself. It’s a big move but it will be the best move for you.