Housing Wire recently noted that single women homebuyers had taken over the number 2 spot (behind married couples) in that real estate demographic.
“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%.”
The statistics further show that women are both going to and graduating from college in larger numbers than their male counterparts. The median age and salary for first time homebuyers in this demographic are 32 and $49,000. According to NPR “In most areas of the country
The Sleeping Giant
Young adults (18-34 year olds) live at home more than at any time since the 1940s according to Pew Research. This is partially indicative of the higher percentage of student loan debt that Millennials accrue versus prior generations and higher cost of living. But even with the post-recession drop in their unemployment rate, the number of young adults choosing to live independently has still declined.
This data suggests that there could be a huge surge in homebuying as Millennials pull themselves out of debt. Whether they emerge as single homeowners or part of a household, you should expect that women are wielding greater power in the home buying decision – 91% according to Harvard Business Review.
Millennial women are also surpassing previous generations in financial decision-making. “For Millennial women, 31% are the dominant decision-makers when it comes to household finances, compared to 28% of men, just 11% of Gen X women, 9% of Boomer ladies,” according to CNN.