According to the National Association of Realtors’ (NAR) 2015 Profile of Home Buyers and Sellers, single women made up 18% of all first-time homebuyers last year, second only to married couples who made up 54% of total buyers.
Whether they are young, single and no longer want to rent, or newly divorced, the amount of single women becoming homeowners greatly outnumbers single males (11%). A survey of recent home buyers revealed some interesting trends about this rapidly growing group:
- Average Age: 32 years’ old
- Average Income: $49,400
- 45% of millennial women (18-24 yrs. old) are enrolled in college.
- 38% of millennial women (25-32 yrs. old) have a bachelor’s degree.
- 36% of single women live at home with their parents or relatives (the highest level since 1940)
- Single women are more likely to become preapproved for a mortgage in order to know their budget at the beginning of the home buying process and to be able to make a move if they find their dream home.
- Many female homebuyers think long-term when considering buying a home, often considering what amenities they may need in the near future.
“So what do women like best about homeownership? They believe that they are investing in their future by building equity and financial security. They are also very happy to no longer be paying their landlord’s mortgage payment. Being independent and having control over their environment is a key factor.”
But what about Latina millennials?
Connexion Research surveyed Latina millennials and here are some of their findings:
- 31% of the Latina millennials surveyed are currently in college or have some college education.
- 6% have already graduated or are in graduate school.
- 44% are comfortable speaking both Spanish and English.
According to a blog released by Women’s Marketing:
- The buying power of Latina millennials is of more than $170 billion and growing.
- They are ambitious career women, dedicated mothers, and savvy shoppers.
- Latina women value community, and more than 8 out of 10 use social media as a way to connect with brands and gather information about products.
If owning a home of your own has always been your dream, meet with a local real estate professional who can help determine if your dream can become a reality sooner than you think.