ShareLast year, to celebrate Women's History Month, we rolled out a series of blog posts exploring the ups and downs of female homeownership. We delved into the sociodemographic factors at play, the various financial strategies employed, and the significant hurdles women face on their journey to owning a home.
Fast forward to this year's Profile of Home Buyers and Sellers report, and we see that 20% of last year's home buyers were single women. When we break down the racial and ethnic distribution of these buyers, we can observe some interesting trends among single female home buyers. A majority of single female home buyers, 80 percent) identified as white. However, there's an interesting twist: the percentage of Black single female home buyers jumped from 5% to 11%, while Asian-Pacific Islander single female home buyers dipped from 7% to 3%.
Another compelling insight: a majority (71%) of single female home buyers were repeat customers. This trend held steady across different groups—73% of white and 55% of Hispanic/Latina single female buyers were already familiar with the home-buying process. Conversely, 61% of Black single female buyers were taking the plunge for the first time.
Age-wise, the median age for a single female home buyer nudged up to 60 from last year's 55. Asian/Pacific Islander women were the youngest at 36, while white women topped the chart at a median age of 62.
Regarding the type of homes bought, 63% of single female buyers opted for detached single-family homes. Interestingly, nearly a quarter (24%) of Asian/Pacific Islander single female buyers went for apartments or condos in buildings with five or more units. Meanwhile, 12% of Black/African American single female buyers chose townhouses or row houses.
The driving force behind these purchases? A desire to own a home of their own is cited by 28% of single female buyers across the board. This was especially pronounced among Black/African American (51%) and Asian/Pacific Islander (47%) buyers. The second most common reason? A wish to be closer to their community, including family and friends, is noted by 16% of all single female buyers. Notably, 19% of white buyers and 15% of Hispanic/Latina buyers had family changes like marriage or divorce as their primary reason for buying.
Several key factors influenced neighborhood choice. Quality of the neighborhood topped the list for 58% of single female buyers, followed closely by proximity to friends and family (55%), overall affordability (38%), convenience to shopping (33%), and job proximity (31%). This trend held across all racial and ethnic groups. For instance, 68% of Hispanic/Latina and 76% of Asian/Pacific Islander buyers prioritized neighborhood quality, while 43% of Black/African American buyers valued job proximity. Nearly half (48%) of Hispanic/Latina buyers were influenced by home affordability.
In summary, the landscape of single female homeownership is as diverse and dynamic as ever, with each group bringing its unique priorities and challenges to the table. Here's to celebrating their strides and successes in the world of home buying!