Mortgage Connects
A rising force in real estate: the power of women in homeownership
How you can play a bigger role in supporting the 2nd largest group of homebuyers
In the dynamic landscape of the real estate market, women are emerging as a formidable force, shaping the way homes are bought and sold. The statistics, facts, and characteristics of women first-time homebuyers in the United States are not just numbers; they represent a significant and influential demographic that is transforming the homebuying experience. Download our infographic to dig deeper.
By empowering women to overcome economic barriers and achieve homeownership, and by providing tailored financial tools, education, and a transparent loan process, loan officers and real estate agents can better serve this growing demographic and contribute to a more inclusive and accessible housing market.
Consider these compelling facts:
1. Women homebuyers: A growing trend
Single women now make up 19% of homebuyers, outnumbering their single male counterparts at 10%.1 And, in 2023, single women mortgage applicants made up 18% of the market.2 This shift signals a powerful trend, showcasing their increasing economic independence as well as the value women place on homeownership.
2. Understanding the demographics: The age factor
The median age of a single female first-time homebuyer is 38 years old.1 This suggests that women may have chosen to prioritize other aspects of their lives like education and career advancement before committing to homeownership.
3. Prioritizing relationships and practicality: A personal touch
Another intriguing notion about women homebuyers is that they are more likely than men to prioritize proximity to family and friends when selecting a home.1 This emphasizes the significance of relationships and community in their decision-making process. Additionally, women are more likely to purchase manufactured homes,3 indicating a practical approach that values time and convenience.
4. Financing strategies: Breaking down barriers
Women are more likely to leverage low-down-payment options, with more than half of women homebuyers putting down less than 10%. To bridge the financial gap to qualify for a mortgage, women turn to family and friends for assistance more often than men and will go to great lengths to accrue savings by taking on additional work hours or a second job. This underlines their determination to finding alternative paths to secure financing.3
5. Safety and security: A fundamental concern
Safety and security features hold significant weight for women homebuyers.4 This includes a preference for gated communities and security systems, emphasizing the importance of creating a secure and protected living space.
6. Education and support: Knowledge is power
Compared to men, women borrowers feel less educated and self-assured when it comes to the lending process. According to a recent survey, nearly 30% aren’t confident going into the mortgage experience, and over half don’t feel knowledgeable about mortgages or what to expect.3 This emphasizes the need for lenders to prioritize providing comprehensive education and support to empower them to navigate the process effectively.
7. The broader implications: Why it matters
Understanding the preferences and characteristics of women first-time homebuyers is not just about acknowledging a demographic shift; it's about recognizing the immense influence and impact this group has on the real estate market. As this demographic continues to grow, catering to their unique needs and priorities becomes essential for real estate professionals and developers.
You play a critical role in empowering future women homeowners
The rise of women in the homebuying landscape is not just a trend; it's a transformative force. Our Remarkable Rise of Women Homebuyers infographic can help you recognize and adapt to the preferences and characteristics of women first-time homebuyers. It’s not only a smart business move but also a step towards creating a more inclusive and accessible real estate environment for everyone.
1 NAR's 2023 Profile of Homebuyers and Sellers Report; 2Real estate trend: More single women are owning homes (axios.com); 3Maxwell's 2023 Single Women Home Buyer Report; 4Porch.com