Friday Fun Facts: The Changing Landscape of Female Homeownership

As we celebrate Women’s History Month, it’s the perfect time to examine the current state of female homeownership in America. Understanding the sociodemographic factors, financial strategies, and challenges women face on their journey to homeownership provides valuable insights into this important market segment.

New Data Reveals Shifting Demographics

Fast forward to this year’s Profile of Home Buyers and Sellers report, and we see that 20% of last year’s home buyers were single women. When we break down the racial and ethnic distribution of these buyers, some interesting trends emerge:

80% of single female home buyers identified as white
Black single female home buyers more than doubled from 5% to 11%
Asian-Pacific Islander single female home buyers decreased from 7% to 3%

First-Time vs. Repeat Buyers

One compelling insight: a majority (71%) of single female home buyers were repeat customers. This trend held steady across different groups—73% of white and 55% of Hispanic/Latina single female buyers were already familiar with the home-buying process.

Conversely, 61% of Black single female buyers were taking the plunge for the first time, representing the largest group of first-time home buyers among all demographics studied.

Age Distribution Shows Significant Variation

Age-wise, the median age for a single female home buyer increased to 60 from last year’s 55. However, this varies significantly by ethnicity:

Asian/Pacific Islander women were the youngest with a median age of 36
White women had the highest median age at 62

Housing Preferences Vary by Background

Regarding the types of homes purchased:

63% of single female buyers opted for detached single-family homes
24% of Asian/Pacific Islander single female buyers chose apartments or condos in buildings with five or more units
12% of Black/African American single female buyers selected townhouses or row houses

Motivations Behind Home Purchases

The driving force behind these purchases varies, but some clear patterns emerged:

Desire for homeownership: Cited by 28% of single female buyers across the board
- This was especially pronounced among Black/African American (51%) and Asian/Pacific Islander (47%) buyers
Community proximity: 16% of all single female buyers wanted to be closer to their community, including family and friends
Family changes: 19% of white buyers and 15% of Hispanic/Latina buyers cited events like marriage or divorce as their primary reason for buying

Neighborhood Selection Factors

Several key factors influenced neighborhood choice across all demographics:

Quality of the neighborhood (58% of single female buyers)
Proximity to friends and family (55%)
Overall affordability (38%)
Convenience to shopping (33%)
Job proximity (31%)

This trend held across all racial and ethnic groups, with some variations:

68% of Hispanic/Latina and 76% of Asian/Pacific Islander buyers prioritized neighborhood quality
43% of Black/African American buyers valued job proximity
48% of Hispanic/Latina buyers were influenced by home affordability

Celebrating Progress in Female Homeownership

In summary, the landscape of single female homeownership is as diverse and dynamic as ever, with each group bringing its unique priorities and challenges to the table. As we continue through Women’s History Month, we celebrate their strides and successes in the world of home buying! Interested in learning more? Check out the highlights from the Profile of Home Buyers and Sellers, an annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS®.