Single Women Becoming Owners
According to MGIC Connects’ infographic — Look Who’s Buying Her First Home! — single women are the next largest home buying group after married couples. Whereas married couples hold the largest home buying position with 54%, single women come in second with 18%, followed by unmarried couples with 15%, single men with 11% and other with 2%. And the statistics are showing that it only goes up from there, according to MGIC.
About 45% of Millennial women ages 18 to 24 are enrolled in college, compared to 38% of men in that same category, according to data from Pew Research Center. Also, about 38% of Millennial women ages 25 to 32 have a bachelor’s degree, compared to 31% of men in that category. That being said, about 36% of single women live at home with their parents or relatives, according to Pew Research Center. That is at its highest level since 1940.
The median age of single women homebuyers is 32 years old, according to the National Association of Realtors’ 2015 Profile Buyers & Sellers. The median income for single women first-time homebuyers is $49,000. Whereas single women may be a growing force, homes owned by single men have a 10% greater value, and appreciate 16% more than homes owned by single women, according to an analysis released by RealtyTrac, a source for comprehensive housing data.