Single women are quickly becoming major players in the home buying market. According to the National Association of Realtors’ recent report on Home Buyer and Seller Generational Trends, single women made 60 percent more of recent home purchases than single men across all age groups. Single women also have emerged as largest home buying demographic after married couples.
And this trend of single female home ownership is only expected to continue in the coming years, thanks to various factors including a decreasing gender-pay gap that is giving women increased financial independence. In some areas, their incomes are even increasing faster than their male counterparts.
So, as the housing market continues to change, marketing to single women of all age groups is going to become highly important. From baby boomers to millennials, this means offering them a variety of choices and designs, along with features such as easy parking, safety and overall affordability—all with an obvious appeal for all single females. Here is a look at what each of these age groups is likely to desire when entering the housing market.
Baby boomers
NAR found that single female baby boomers buy twice as many homes as single men do and account for one out of every five houses sold in their own age group, making it wise to consider their preferences. Boomers tend to live in the suburbs and have more space than other generations who live in smaller city apartments. Custom hardwood cabinetry, granite or marble countertops, as well as the ability to customize all of a home’s features, are attractive options for single female baby boomers. This consumer will not turn away from affordable luxury, like a glass-gated walk-in shower or custom bathtub.
Millennials
This age group tends to live in smaller spaces within major cities, close to their workplaces and social centers. Millennial women also tend to get married later and are well educated. Their demand for housing likely will increase, along with their salaries. McMansion-style designs will not sell well within this demographic, which seeks to differentiate themselves from their parents. They tend to favor unique, stylish, but practical, designs. This could mean an in-kitchen cocktail/bar space for entertaining or a shower with a top-mounted rainfall shower head that adds comfort and class to a small space. Location will be particularly important for this group. On the upper end of this market, a preference for condos in dense communities with vibrant street life is expected.