Until the mid-1970s, a woman could not access a line of credit independently without a man to cosign her application. Today, nearly half a century later, more single woman own homes than single men. What progress has been made!
These strides in women’s history deserve recognition and celebration—especially during Women’s History Month.
One demographic, in particular, is leading the forefront in real estate transactions: millennial women. They’re making up 48 percent of independent homebuyers, according to a new study.
With inflation, the wage gap, climbing mortgage interest rates, and student loan debt among other obstacles for this generation, you may be wondering how? How are single millennial women buying homes?
I’ve had the opportunity to work with some amazing single women in all stages of life: from purchasing a home on their own to selling a property, investing in a rental, or exploring their homeownership opportunities in retirement.
Here are 4 reasons single ladies and millennial women are leading the pack in real estate:
Education: Millennials are dubbed the most educated generation. How does this impact real estate? “Millennials’ pursuit of higher education is good news for the housing market. . . because education is the key to unlock both greater earning power and, in turn, homeownership.” (Keeping Current Matters). And while the wage gap still exists in some fields, more women than men have college degrees, affording them more buying power.
Prioritization: From my experience working with single women, one thing they have in common is their willingness to sacrifice and prioritize homeownership. Whether it’s willing to commute further to work or being more diligent with saving for a down payment. Women are taking advantage of real estate’s potential to increase their overall wealth.
Career Advances: The trend of single women owning more homes than single men started around 2018. Since then, single women have only continued to hit career milestones, generating more income and increasing their ability to afford a home. For many women who have already purchased a home, promotions and income bumps are empowering them to buy a new home or invest in a rental property.
The Shrinking Wage Gap: How big of a role is the wage gap playing in women’s wealth? Research shows it’s actually shrinking among among Gen Zers and late millennials. “According to a Pew Research Center study, women under 30 made at least as much as their male counterparts in 22 U.S. cities — and outearned them in at least 10.” (Moneywise) Now that’s some great news!
Whether purchasing their first home or selling an existing property, my female clients continue to wow me with their perseverance, focus, and confidence.
If you have questions on selling your home or becoming a first-time homeowner—I’m here to help! Contact me any time.
–Melissa
951-741-8441
