Single women have been a growing section of home buyers for the last few years. But just how much of today’s home sales do they account for and what kind of cash do they bring to the table? A new analysis reveals it all.
According to recent data from the National Association of Realtors, single female home buyers now account for nearly a fifth of all home sales — outnumbering their single male counterparts two to one.
Across 2018, single women have made up 18 percent of all home buyers. Single males made up just 9 percent of sales, while married couples accounted for 63 percent.
The big difference in these buyers comes down to budget. Single female buyers have had the lowest median home price in the last year at $189,000. Single males had a median budget of $215,000. The median purchase price across all home buying groups was $250K.
The NAR report also shed light on other home buying trends. The number of first-time buyers is declining (it dropped by 1 percent over 2017), and the median down payment is rising. Buyers paid a median 13 percent down payment across all groups — up from 10 percent last year.
Most people — nearly 60 percent — are getting these funds from savings. Others are using proceeds from a previous sale or using a gift from friends or relatives.
Pets are continuing to play a role in what homes Americans buy. A full 15 percent saying convenience to vets and outdoor space were important in their home buying decision. With married couples, the shared jumps to 20 percent. A Wallick & Volk Trusted Advisor is available to help you with the financing of your new home. You can find a Trusted Advisor at www.wvmb.com.