In the last few years, the number of single people purchasing homes has declined. But, single women have outclassed the single men in terms of home ownership. Presently, the home purchase rate of the single women is twice the home purchase rate of the single men. Figures provided by the National Association of Realtors, in 2012, the share of single women in total home purchase in the country was 16%, though the average long-run share of single women in home purchase is 20%. Anyways, on the contrary, in 2012, the share of single men in home purchase was only 9%. In fact, the single women are outpacing the single men in home purchase since the later part of 1990s. The reasons behind the men not catching up with the females are uncertain. One of the reasons may be that the men are not very much serious about home ownership until they find the right woman.
One of the reasons behind this trend can be to attributed to demographic factors. According to a study conducted by the Pew Research Center, increasing number of women are becoming the primary earners in the family. In the current market, single women are more pro-active than their male counterparts in regards to planning for their financial future. The single women are very smart and they consider home ownership as a smart addition to their portfolio.
Digging dip into home ownership
The single women account for a larger share in home buying than single men. Though apparently it looks that the newly employed and independent new age females account for the largest share in home ownership by the single women. According to a study conducted by the Redfin, the age of an average single female homeowner is more than 65. This indicates the fact that the share of the single women home ownership outpacing the share of single men home ownership is not a recent phenomenon. US Census data indicates that the in every single year since 1982, in terms of homeownership, single women outclassed the single men. Two main reasons behind this trend are -
- The life expectancy of the females are higher than the males. As per the figures of US Census Bureau, as of 2008, American men lived 75.5 years on an average, whereas women lived 80.5 years on an average.
- Again, females in the country have made tremendous progress on the social and economic fronts. Increasing number of females in the country are now attending colleges and universities. Income gap between an average male and female in the country has declined. Women now are waiting longer to get married. Todays women are better equipped to own a home than the women of the previous generation.
Empowering the women
Sill a lot has to be done for augmenting the home ownership by the women in the country. Many single women (who are financially capable) are still afraid of the home buying process. Due to lack of knowledge, confidence and absence of proper advice, many eligible single women are still outside the ambit of real estate market. It is the responsibility of the entire society to educate the single women group which include single moms, widows, divorcees, recent college graduates and older professionals who have never been married.