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Summary: A housing industry report published this year shed some light on a variety of home buying trends in Washington State and elsewhere across the country. Among other things, it showed that the percentage of single female home buyers has increased over the years. This article will go into more detail about the demographics of home buyers.
Many different people from different walks of life get into the home buying game. Whether they’re young married couples, older singles, or in between, home buyers tale many shapes and forms. But one particular interesting fact is that single females continue to be player among home buyers. Let’s take a look at some generational trends among buyers according to a recent report from the National Association of REALTORS® (NAR).
In March 2020, NAR conducted a nationwide survey to gather information on home buying trends and created their “Home Buyer and Seller Generational Trends Report” for 2020.
One of the key findings provided insight into the marital status of home buyers, and who’s doing most of the buying. Married couples still account for most of the home buying activity in Washington and elsewhere in the nation. But among singles, females buyers bought more homes than males.
“Sixty-one percent of recent buyers were married couples, 17 percent were single females, nine percent were single males, and nine percent were unmarried couples.”
On the selling side, married couples also led the way followed by single-female sellers. In terms of sales, single females accounted for more than twice as many transactions as their male counterparts. The gap was widest in the 55-to-64 age range, in which 22% of sellers were single females compared to 6% in the male category.
Whether male or female, single home buyers can sometimes run into additional obstacles when purchasing a property in Washington.
On average, married couples tend to have more income to work with, when compared to single buyers. That’s because in many cases there are two incomes instead of one, and possibly more savings in the bank as well. (This is a generalization, of course. There are plenty of exceptions as well.) So in some cases, it can be easier for couples to accumulate the money needed for a home purchase.
But the NAR survey clearly shows that single female and male home buyers can still succeed in today’s real estate market. They just need to have their financial ducks in a row.
Are you ready to apply for a mortgage or simply have questions about home loans? We can help. Sammamish Mortgage is a local, family-owned company that has been serving borrowers across Washington since 1992 as well as Oregon, Colorado, and Idaho. Our mortgage financing professionals can work with you to help you determine which one of our mortgage programs is right for you. Please contact us if you have mortgage-related questions, or if you’d like to receive a rate quote.
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