Did you know that women who live alone are more likely to own their homes than single men? It’s true, statistics show that women are the second largest home-buying force next to couples, and the percentage of female homeowners is growing. So how are women buyer’s needs different, and what special challenges might home ownership present to them?
Women buy homes for all the same reasons anyone does: for stability and as an investment. But there area lot of factors that might come into play that affect where, what and when they buy. Women may be buying in an area that is close to their aging parents. While grown children of both genders may well take care of their parents, single women do so more often than their siblings with children. This is probably because the demands of children are a huge challenge in themselves, taking time away from helping out the grandparents.
Many women are also buying homes that are close to their jobs. Very few people enjoy a long commute, and a downtown living situation is very suitable to a single person, whereas a family with young children might sacrifice the convenience of being close to work for the benefits of having a bigger, private yard. If the home owning woman in question is a single mother, then being close to a good school is probably very high on her list of priorities. The perfect home would be close to both her work and child’s school, to minimize commutes between the two. newport beach
As sad as it is, it’s still a reality that women’s wages are a fair bit lower than men’s, on average. This impacts home buying, in that women buyers often choose modestly priced homes or condos. But modest prices doesn’t mean cheap homes. Women want something that’s low maintenance. This isn’t said to perpetuate a stereotype that women aren’t as handy at fixing things as men, because actually, quite the opposite is true. The growing number of women becoming skilled at home repair and other Do-It-Yourself building is matching, if not surpassing, the growth of women buying homes. So while a woman may not want to be fixing the leaky roof of a dive in her off time, when it comes to improving an already nice home, statistics show they are quite motivated.
Women often choose condos, or smaller, two bedroom homes. Interestingly, women are less likely to buy new construction. This may be because of cost, or maybe because the home just isn’t tried and tested. It could also be out of ecological concerns, preferring something pre-existing to a freshly bulldozed site. Or perhaps because most new development is out of the downtown core. It’s hard to say.
Wherever and whenever, women buying homes are looking for, and getting, financial freedom. As they get older, home equity, or the income from a rental home, will prove to be a valuable addition to their retirement fund.