For many women, homeownership is seen as an important milestone towards stability and independence. The rate of female homeowners has gone up significantly in the last few decades. In fact, there are now more female homeowners than males in each of the US’ largest metro markets. However, even with this major advancement, women are facing greater challenges when it comes to affordability and their overall return on investment. Here’s what the numbers are showing:
More homes and more challenges
Since 2015, the share of single women buyers has risen to a high of 19% compared to 9% of single men. Single women now own around 5.2 million homes, while single men own about 3.6 million homes in America’s 50 largest metros. The average difference between the share of homes that single women own compared to single men? Approximately 3.7%.
Nearly a third of all female homeowners in the U.S. bought a home unmarried and these numbers are likely to rise. According to one study, a majority of over 65% of current single women don’t plan to wait until marriage before owning a home.
However, women are experiencing unique challenges. Even though more homes have women as the head of household, a study from Yale found that single women are paying roughly 2% more when purchasing a house—and sell it for 2% less. This means that single women lose $1,600 per year compared to single men in the same house.
What to keep in mind when working with female homebuyers
With so many women starting the homebuying journey, its important to keep in mind unique needs and desires and financial situations that may be different from male clients.
For example, a majority of single female buyers, approximately 53%, choose their home’s location based on its proximity to family and friends. This may be because single women buyers are more likely than single men to have family obligations. Single women are also more likely to purchase a home with a child under the age of 18, and more likely to purchase a multi-generational home.
Women also tend to purchase homes at a lower price point than men. Men typically purchased homes that were $249,000 in 2020, compared to women who purchased homes that were $230,000. While this price difference isn’t huge, women also make more financial sacrifices when purchasing. Common financial sacrifices include cutting spending on non-essential goods, entertainment, clothes, and canceling vacation plans.
How Ribbon can help female homebuyers
Female homeownership rates have made major improvements over recent decades, and Ribbon is dedicated to helping more women achieve the dream of homeownership. To learn more about RibbonCash Offers and how we’re making homeownership more achievable, contact one of our experts today.
