Blog > Why Single Women Are Becoming First-Time Home Buyers

Why Single Women Are Becoming First-Time Home Buyers

by petersellsdc-comAugust 15, 2019

Most homeowners are married couples looking to find their dream family home, but, according to a study conducted by the Joint Center for Housing Studies, one in five home buyers is a single woman. In fact, the study found that twice as many single women are buying homes than compared to single men.

So, if you’re a single woman looking for houses for sale in Maryland, you’re not alone! Why are a growing number of unmarried women entering the world of homeownership? Here are some interesting theories and statistics.

Female Drive & Power

There are many factors that are driving more single women to become homebuyers. Some of the most common reasons include higher incomes, delayed marriages, and personal satisfaction. Women tend to have an inner drive that pushes them to want to have a home to make and call their own.

When a woman feels financially secure, she’s more likely to invest in a home. Women also find it more financially sensible to purchase a home instead of renting. Yet, working women aren’t the only ones buying homes.

Retired women also make up a portion of the number of single females buying homes, as these women tend to downsize their homes in their later years.

Another factor that’s increased the number of single female homeownership is single parenting. Single mothers tend to want a home to raise their kids in, giving them a safe place to learn and grow.

What Type of Homes Are Women Most Likely to Buy?

If you’ve ever browsed the housing market, you know just how many options there are. From sale price to the type of home, to the area and number of rooms, there are many different options when it comes to buying a home. For women, there are certain patterns that tend to be followed.

Three out of four women will spend less than $200,000 when buying a home. Women also have certain preferences, including:

  • Two or more bedrooms
  • Most likely to choose new construction
  • Secure areas (i.e., condos with security gates)

Women are also more likely to compromise on the size and cost of a home in order to get more amenities. What women won’t compromise on is the location and quality of a neighborhood. Women typically seek out neighborhoods that are in close proximity to shopping, stores, and fitness centers.

Single Woman Looking to Buy a Home? Let Us Help!

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There’s no better feeling than owning a home that is yours for decades to come. If you’re looking for single-family homes for sale in Baltimore County, having the right real estate agent on your side can make the search easier. A real estate agent can browse the market and find homes that best meet your criteria.

The Ferguson Group offers a team of some of the best local real estate agents in the area. No matter if you want to own a condo or are ready for a single-family home, our team is here to help you find your dream abode.

Contact our team today at 1 (847) 903-1030 to get started on your home search!

Source:

  1. http://www.jchs.harvard.edu/

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