After married couples, single females make up the largest percentage of American home buyers—15% across all age groups! This figure is even higher among certain age brackets–such as those between 51 and 60 years of age–and is nearly twice the number of single males, who make up just 9% of all home buyers.
If you’re a solo female looking to put down some roots, you’re in great company. Plus, you’ll be happy to know that the market is on your side! The key to finding—and landing—the home of your dreams is to work with a real estate agent who understands the unique needs of single female home buyers, like your local Reeco real estate agents.
Based on our experience, we’ve put together the following buyers’ guide for solo women. By the end of this article, you should know:
- The major motivations behind single female home buyers
- What most solo women home buyers are looking for in a home
- Questions to ask your real estate agent when searching for a home
Why Are More Single Females Buying?
Although pay remains unequal between men and women, the gender pay gap has significantly narrowed within the past few decades. According to the Pew Research Center, the median hourly earning for women landed at $16.00 in 2016, compared to just $12.48 in 1980 (when adjusted for inflation). This means that:
- In 1980, women earned $0.64 for every $1.00 earned by men
- In 2016, women earned $0.83 for every $1.00 earned by men
In fact, data suggests that women today are generally just as likely to hold managerial positions as men (although this can vary widely by industry). Contrast this to 1980, when men were 2x as likely as women to be managers, and it’s plain to see how far women have come in the professional world–and the strides they’ve made in purchasing power. This is a major factor driving the growing trend of single female home buyers.
As more solo women are looking to snap up their dream homes, our Reeco real estate agents have noticed a demand for particular amenities and features. Below are the top five non-decor criteria that single female home buyers look for when buying a home.
Top 5 Things Solo Females Are Looking For in a Home
Townhomes within gated communities, homes with second-story bedrooms, and neighborhoods with low crime rates—these are all ideal options for single female home buyers. “When working with home buyers within this demographic, we’ve found that many prefer an extra sense of security, such as well-lit parking areas or attached garages,” explains Daniel Shaunt, Broker at Reeco. “One of our clients, for instance, wanted neighbors close by and loved a particular townhome community that featured newly constructed units directly side-by-side on well-lit streets.”
2. Minimal Upkeep & Well-Maintained Amenities
Forget fixer-uppers! Solo women tend to want turnkey houses or townhomes that are ready to move in, even if it means that they have to pay a bit more to get it. Additionally, minimal upkeep tends to turn heads, such as homes with easy-to-care-for landscaping or those within HOA communities that offer well-maintained amenities, such as a pool and fitness center.
3. Ideal Location Close to Culture Hubs
“Walkable neighborhoods are top of the list for buyers of all types,” says Shaunt, “but especially for Millennial single females. In our experience, they like to be closer to culture hubs with restaurants, nightlife, and other social scenes, even if this simply means a suburban home within close proximity to a big city.”
4. Pet Friendly
Pets aren’t just for families! Many single people are adding a pet to their household, which often means a greater interest in yards or larger properties where Fido has room to stretch his legs. For some single female home buyers, having a furry friend could also mean that they will pass up townhome communities that don’t allow pets, or don’t have pet-friendly facilities like small parks and grassy areas.
5. Return On Investment
“Buying property in communities that show positive growth for the future tends to be high on the list for single female home buyers,” explains Shaunt. “Purchasing a home is an investment, especially for first-time home buyers, so solo female home buyers prefer to buy in areas that demonstrate great promise. For instance, property values that are trending upwards or highly-rated school systems in the vicinity. That way, if their living situation changes, they can rent out their home in the future or convert their single home into a family home.”
Reeco home buyers also see an additional return on their investment in the form of a complimentary solar power system and free electricity. The average Orange County home buyer receives roughly $29,000 in increased home value–ideal for when they’d like to sell in the future–as well as an average of $1,500 every year in free electricity.
“Whether they buy a townhome or a house, solo female home buyers instantly see great value through Reeco’s Complimentary Solar Program available to all buyers and sellers. With this return on investment, they can feel confident about enjoying their home for years to come.”
Find your dream home now.
Start searching available properties now at GoReeco.com!