We're In A Buyers Market Lower mortgage rates haven’t caused an uptick in demand just…
Single Female Home Buyers On The Rise
ALL THE SINGLE LADIES!! (couldn’t help myself) have been a rapidly growing subsection of home buyers for the last few years. But just how much of today’s home sales do they account for and what kind of cash do they bring to the table? Lets look a little further into the subject.
Home Buying While Single
According to some recently collected data from the National Association of Realtors, single female home buyers now account for nearly a fifth of all home sales — outnumbering their single male counterparts almost two to one.
Throughout 2018, single women have made up roughly 18% of all home buyers. Single males made up just about 9% of sales, while married couples accounted for about 63%.
The big difference in all of these buyers comes down to budgeting. Single female buyers have had the lowest median home price in the last year at $189,000. Single males had a median budget of $215,000. The median purchase price across all home buying groups was $250,000.
More About Today’s Home Buyers
The NAR report also shed light on other home buying trends. The number of first-time buyers is declining (it dropped by 1 percent over 2017), and the median down payment is rising. Buyers paid a median 13% down payment across all groups — up from 10% last year.
Most people — nearly 60% — are getting these funds from savings. Others are using proceeds from a previous sale or using a gift from friends or relatives.
Pets are continuing to play a role in what homes Americans buy. A full 15% saying convenience to vets and outdoor space were important in their home buying decision. With married couples, the shared jumps to 20%.
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