Single women are buying homes at twice the rate of single men, according to a report from the National Association of Realtors. In fact, one in five homeowners are single females, which makes them the second-largest home buying demographic after married couples. It’s a significant trend that marketers in the home building, real estate, repair and remodeling and home products sectors can’t afford to ignore.
This segment represents a highly diverse group made up of large age ranges and disparate demographics. Single means these woman may be divorced, never married or widowed. However, single doesn’t mean they are alone. Many have children or partners.
But while the women who make up this group are very different, there are several common characteristics they share when looking for a home. Here are a few insights that marketers can use to create relevant and meaningful messages across many related products and services.
Affordability matters more to the single female homebuyer.
Unfortunately, this woman still makes considerably less than the single man. On average 21% less, according the National Association of Realtors. But they are willing to make sacrifices to afford their own home such as decreasing what they spend on entertainment, dining out, clothes and luxury items. And many take on a second job. Still, they are looking for a home in the lower to mid-market price range. Three out of four women purchase a home priced at less than $200,000.
Security can make or break a purchase.
This is a feature single women will not compromise on. It is a must. So much so, that many prefer condominiums with well-run homeowner associations over single-family homes. A second option is a home with gated access. In finding these amenities, they often purchase homes in the city rather than in suburban locations.
A quality neighborhood is essential for satisfaction.
Location and quality of neighborhood is equally important to the single female homebuyer. In essence, they are putting down roots and want to be part of a community, more so than men. They are looking to enjoy social interaction with their neighbors. They also need to be close to stores, shopping, fitness centers, and more importantly, family and friends. They are willing to give up some space to ensure they can purchase a home in a desirable neighborhood.
Tapping into the sense of pride, accomplishment, belonging, and even the nesting instincts that a single woman exhibits during and after the home buying journey can be an enormous benefit to marketers. These are women who are thinking about their future and making long-term commitments to their own happiness and well-being.