Who's buying homes at a record pace? Women. More specifically, all the single ladies -- all the single ladies. Sorry, I couldn't help myself.
The data from 2018 shows that women have pulled ahead by a wide margin in the race for home ownership. Not only did women outpace single male homeowners in 2018, but they've done so for quite some time. According to a new study from Lendingtree, single women own about 22 percent of America’s homes, while single men own just 13 percent.
If you're envisioning empowered, young female professionals leading this charge, you're only a few decades off. The young professional women certainly have their place as homeowners, but the baby boomers are leading the way. According to U.S. Census data, about 28 million baby boomers are single women. The National Association of Realtors Home Buyers and Sellers survey found that most of those single female homeowners were actually in the 72 and older age group.
"Single women are one of the fastest growing demographics in the housing market. The National Association of Realtors estimates 18% of home purchases in 2018 will reflect households headed by single women, more than double the share of single men at 7%." Forbes - January 20, 2019
Zillow estimates it can take a single person 11 years to save up for a 20 percent down payment on a typical U.S. home. According to Zillow research at the end of December 2018, "The median home value in the United States is $222,800. United States home values have gone up 7.7% over the past year and Zillow predicts they will rise 6.4% within the next year. The median list price per square foot in the United States is $151. The median price of homes currently listed in the United States is $276,000 while the median price of homes that sold is $225,900."
All that said, the path to home ownership for a single person isn't easy, but it's still being accomplished every day by women who are flipping the script nationwide. Hats off to all of these resilient, focused single ladies who are achieving their goals and embracing the American dream. We're behind you every step of the way!
Pam Jury, Broker | The Jury Group, REALTORS | 859.402.1010 | 108 Dennis Dr. Lexington, KY | wesell #expectmore