Women may still have trouble cracking the glass ceiling, but they are making a big dent in the home market—single women, in particular.
According to the National Association of Realtors, single women account for 60% more home purchases than single men, among recent buyers. Furthermore, single female baby boomers buy twice as many homes as single male baby boomers do, accounting for one out of every five homes sold to their age group, reports the Rismedia, a real estate news and information website.
“They are actually the biggest home buying demographic after married couples,” notes Rismedia. “…Contrary to cat lady stereotypes, a 2015 survey of over 1,000 single boomer females found that the overwhelming majority — 74%— are as confident and happy as they were at 35. These women are going to keep buying houses. Better, biggers houses, at that…
“All in all, in an increasingly fragmented market, single women are the most important demographic to watch out for. They are increasing in power, wealth and market share, and are a force to be reckoned with.”
This clearly has implications for home builders and designers, who would be wise to tailor projects to this increasingly influential demographic. How do women tackle a remodeling project, for example? One owner of a residential remodeling company breaks it down this way:
• They know their budget and stay within it.
• They seek to reflect their personality and style in the project.
• They thoroughly research the project and take time making decisions.
• They look for the best products and workmanship they can get while still remaining within their budgets.
• They take into consideration the comfort of family and friends with their remodeling projects.