If you have been catching up on your statistics lately, you would observe a pleasantly surprising bit of information. According to the data from the National Association of Realtors in the US in 2016, women made up 17% of the American market. This is a number that is twice the rate of single men who are purchasing homes. In fact, this number is so impressive because it is the second largest demographic of homebuyers in the United States following couples.
Canada’s Numbers
While Canada does not offer comparable data on the same scale, I can say from my own experience that women in real estate are growing in rapid numbers. There are all sorts of women who are currently looking to buy homes. Some are recently divorced and cannot find a rental on the market that suits their needs. Some are new to the workforce and see their home (rightfully so) as an investment in their retirement.
It is amazing to think how far women in real estate have come. Just 58 years ago, a woman could not obtain a mortgage loan without a male co-signer. Today, they are one of the biggest purchasers of homes in the market.
Education
Today’s women are earning more postsecondary degrees than their male counterparts. Not just with undergraduate degrees, but with doctorates as well. These women are entering more lucrative careers and marrying later in life, which increases their likelihood of purchasing a home by themselves before with a partner. If I have learned anything in my decades of work in real estate, it is that women are fiercely independent and capable of doing anything they set their minds to.
Economy
Another reason we are seeing more single women purchasing homes has to do our current economic situation. For some millennials, they are incapable of getting into the housing market without the help of their parents. This often leads their parents (some of which are single mothers) to downsize to help their children buy their first home. In just one scenario we see two separate women buying homes for themselves.
Financing
A Canadian poll taken by RBC in 2012 indicated that women are more likely to get a fixed mortgage rather than a variable mortgage. This demonstrates that women prefer to know what is coming in their immediate future and ensure they can pay it rather than taking a risk. While some financial risk is encouraged, perhaps it is this cautious mentality that has led so many Canadian women to succeed in purchasing their first home alone.
I am proud of all the women in real estate I know. From my female coworkers to my female customers. I am happy to say the future is female. If you thinking of buying or selling real estate, please contact me to chat.
