A Woman's Place is in the Home!

To some, the title of the article may suggest a male chauvinistic view of a woman’s role in society. Before anyone gets too excited, perhaps some clarification is warranted. What is intended in the title is the point that the largest growing segment of home buyers is the “single female.” Surprised? Perhaps we should not be – read on!

According to the U. S. Census Bureau, the following are some interesting and telling facts about the population of the United States:

¨ The female population was 145.9 million (2004)
¨ The male population was 139.8 million (2004)
¨ Females over the age of 18 was 110.2 million (2004)
¨ Males over the age of 18 was 102.5 million (2004)
¨ Females over the age of 65 was 19.6 million (2004)
¨ Males over the age of 65 was 14.5 million (2004)

In 2006, according to National Association of Realtors (NAR) research, females comprised about 22% of the home purchased compared to 14% in 1995, a full ten years earlier. The number of married couple home buyers declined by 10% to 61% with single male home buyers remaining unchanged at about 9% of the home purchases in 2006. By Fannie Mae estimates, the number of female home owners will increase to 28% of all households by 2010...just three years hence.

The female home buyers are subdivided into two segments; the first group is called twenty-something and the second group is called over-fifty, according to Mercer Business. The twenty-something group of home buyers are most likely to be first time home buyers and the over-fifty group is most likely to have previous experience in home buying, perhaps with a spouse or partner.

In the twenty-something group, more females are living independently while more males are still living with parents or room-mates. What does that say about the females’ independence?

About 13% of the second homes are sold to single females in the over-fifty female home buyer group, according to NAR.

What are the triggers that create a single female’s interest in buying a home? Mercer Business offers the following suggestions:
* Women are motivated by the desire of independent financial security. Real estate, as a sound investment, plays a strong role in that focus.
* The wage gap between males and females is rapidly narrowing as more and more women assume leadership roles in the business and political worlds. Real estate is attractive as a long-term investment opportunity and aptly fits into the lifespan of the female living longer than the male.
* Women are delaying marriage to later in life and thus start to consider long term investments, security and the personal satisfaction of buying their own “dream home.” Marriage is no longer a prerequisite to purchasing a home for females.
* Financial institutions are prohibited from the discrimination of females’ home ownership from a previous generation ago.
* Strong expectations of escalating home values over time is a strong consideration for female home buyers.

Through the active independence and “can do” attitude, the single female home buyers are more likely to personally tackle the home repair/remodel issues that accompany all home ownership. The skills of “Rosie the Riveter” is no longer required in home ownership projects. In my opinion, female home buyers are more apt to take the time to engage in the tasks of maintaining their homes. Females receive a greater sense of satisfaction from completing a job than males. Males are typically more prone to call the local “Handy Dan” repair person and forget it.

Let us not forget that women control 80% of consumer purchases, according to Doris Periman of Possibilities for Design. Women also direct 91% of the housing decisions and guide 94% of the home furnishing choices. Why shouldn’t females also be home buyers?

Happy Home Hunting!