August 30, 2016 by Jeff Lowen
Pink Mortgage? This is the latest term popping up in the media to describe single women who are purchasing homes on their own. Gotta love the media for coming up with a term that separates rather than unites, huh?
Way back in 2010, women made up for 51% of the 309 billion people in the USA. Now, believe it or not, although there doesn’t seem to be an increasing demographic trend – it’s still 51%, in just five an a half years, the population has grown over 10 billion and women, particularly of the single type account for the second largest group of first time homebuyers (According to the National Association of Realtors’ Profile of Home Buyers and Sellers.
Whether they are young, single and no longer want to rent, or newly divorced, the amount of single women becoming homeowners greatly outnumbers single males (11%). A survey of recent home buyers revealed some interesting trends about this rapidly growing group:
- Average Age: 32 years old
- Average Income: $49,400
- Single women are more likely to become pre-approved for a mortgage in order to know their budget at the beginning of the home buying process and to be able to make a move if they find their dream home.
- Many female homebuyers think long-term when considering buying a home, often considering what amenities they may need in the near future.
“So what do women like best about home ownership? They believe that they are investing in their future by building equity and financial security. They are also very happy to no longer be paying their landlord’s mortgage payment. Being independent and having control over their environment is a key factor.”
It appears that it is not marriage before mortgage any longer, for either gender.
- Married couples took 54% of the home buyer market
- Single women account for 18% of all first-time homebuyers
- Unmarried couples make up 13% of buyers
- Single males account for 11%
Women are also preparing for home ownership a little differently than men it seems. Looking at it with a little more foresight and considering the long term aspect in addition to the fact that they may not be single forever. They are more likely to get the financing stuff out of the way first, and then go searching for a home. Which in this day and age of new loan regs and the Consumer Financial Protection Board is wicked smaa’rt!
The moral of the story…
Really though, at the end of the day the gender thing or whether your married doesn’t really matter. If owning a home of your own has always been your dream, get together with a professional to determine if your dream could become a reality sooner than you think. There are amazing options available and coming up with 20% down is not required!
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