Sunday is International Women’s Day and in honor of all the women out there we thought we would dive into women AND real estate. Over the last three years, about 65% of my business is single women buying homes. This trend of women buying homes is on an upward trajectory.
According to this article that has been been shared on the Internet recently? Single women are buying homes at twice the rate as men! Wahoo, GO LADIES! In 2016, single women account for 17% of homebuyers while men account for 7%.
Whether you are single or married, male or female a home purchase can be a great step to building wealth. Purchasing a home has historically been completed by a married couple but it sure can be a great investment for a single person. As women get married at an older age, put off starting a family and focus on their careers, it is not surprising that they are taking on a home purchase, as well.
The topic of women and wealth can be a unique conversation compared to men and wealth but the conversation is still crucial for a number of factors:
- Women outlive men by approximately seven years. Compound interest can be a women’s best friend. Starting to build wealth earlier is a necessity.
- On average, women are out of the workforce for 12 years during their years of employment. Women typically take on the caregiver role (for children and/or parents) more than men. This will ultimately impact both income and wealth for women.
- Wage difference. Women typically make 23% less than their male counterparts.
Men and women also differ in their home search. Women tend to put more emphasis on location, ascetics and safety and, on average, spend $10,00o more than men to get the perfect home. However, on this International Women’s Day, we just want to mention the differences. Home ownership for women can be empowering and a way to hedge against these factors that differ between the genders and building wealth.
Ladies, are you considering buying your selling you home or know what that is? Reach out to Liz for a personalized approach on how to build wealth through real estate as a woman.
Liz is broker and owner of Liz Daigle Realty.