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Boston single women leading the charge for first-time home buyers

Throughout Women’s History Month, we reflect on the impact women have in our lives, and that includes impact on the housing market. In fact, since at least 1981, single women have bought more homes than single men each year, and they make up 17% of all households.

Why Is Homeownership So Important to Women?

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The rise in women pursuing homeownership hasn’t just made an impact on the housing market. It’s also been an asset for those buyers and their households. That’s because homeownership has many benefits, both financial and personal.

On the financial side, housing proves to be the key to building wealth for single women. Ksenia Potapov, Economist at First Americansays:

“For single women, housing has always made up a large share of total assets. Over the last 30 years, the average single woman’s wealth has increased 88% on an inflation-adjusted basis, from just over $142,000 in 1989 to $267,000 in 2019, and housing has remained the single largest component of their wealth.”

The financial security and independence homeownership provides can be life changing, too. And when you factor in the personal motivations behind buying a home, that impact becomes even clearer.

A recent report from the National Association of Realtors (NAR) shares the top reasons single women are buying a home right now (see chart below):

20230328 top reasons to purchase a home MEM

Boston Condos and the Bottom Line

Homeownership can be life changing no matter who you are. Let’s connect today to talk about your goals in the housing market.

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Single women are proving to be a powerful force in the Boston real estate housing market, accounting for ownership of about 5.2 million homes, while single men own about 3.6 million homes in America’s 50 largest metros.

Single-women own more homes than single men

This might seem a bit surprising, considering that in 2020, women were making only 81 cents for every dollar a man earned, according to research by PayScale. But nonetheless, a new report by LendingTree found that in all of the 50 largest metropolitan areas, single women own more homes than single men do.

According to the 2020 Profile of Home Buyers and Sellers by the National Association of Realtors, the median age of single female first-time home buyers is 33, while the median age of single female repeat buyers is 59.

Single women are much more likely than a married couple to purchase a townhome or condo. And single women, more than any other household composition, cited the convenience to friends and family as an influencing factor in their neighborhood choice, at 50 percent.

Boston Real Estate and the Pandemic

The pandemic has accelerated the urgency to buy Boston homes. Buyers have sought housing with more rooms, more square footage and more yard space, as they embraced home workouts and working from home.

There isn’t a single metro among the largest 50 where single men own more homes than single women, reports LendingTree, which analyzed Census Bureau data. The average difference between the share of homes that single women own compared to single men is 3.7%.

Boston Real Estate and the Bottom Line

Boston has the largest gap, 5.86%, in homeownership rates among single women and men, which amounts to nearly 66,300 homes.

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