STATEN ISLAND, N.Y. – Single women will be a growing demographic when it comes to homebuyers in 2016, according to new data from the National Association of Realtors® (NAR).
“Single women buyers have made up a larger share of the housing market than their male counterparts since the early 1990s, buying at nearly twice the rate,” said Sandy Krueger, CEO of the Staten Island Board of Realtors (SIBOR). “These women have a strong desire to feel settled and be part of a community and do not believe that marriage is a prerequisite to homeownership.”
According to NAR’s 2015 Profile of Home Buyers and Sellers, single women accounted for 15 percent of all home buyers; many believe that number will increase in the next few years. Women buyers had a median age of 50, 72 percent purchased detached single-family homes and 90 percent used a real estate agent or broker to guide them through the purchase process.
Here are some reasons why single women are set to take the 2016 real estate market by storm:
Desire to Own. Thirty-seven percent of unmarried female homebuyers said that the desire to own their own home was their primary reason for purchasing a house. “Women are the most likely to make sacrifices, like cutting spending on entertainment or luxury items, to afford purchasing their home,” said Krueger. “This demonstrates just how high a priority they place on homeownership.”
Rising Incomes. In large cities across the country, women have seen a significant rise in average income the past few years. “Traditionally, single female homebuyers have had to stretch their budget to buy a home,” said Krueger. “Now, with higher incomes, these unmarried women can enter the housing market without taking on as much of a financial burden.”
Availability of Housing. According to NAR research, single women typically purchase single-family homes with three bedrooms and two bathrooms; the same properties usually targeted by investment buyers. “It’s good news that over the last year, people buying homes strictly as investment properties were not as active in the market,” said Krueger. “If investors continue to back away from the market, that means housing could become even more affordable for single buyers in 2016.”
Contact SIBOR to connect with a Realtor about buying a home in 2016. SIBOR may be reached at 718-928-3220 and viewed online at www.SIBOR.com. SIBOR may also be visited on Facebook at “Staten Island Board of Realtors” and on Twitter via @SIBOR.
About The Staten Island Board of REALTORS® (SIBOR)
Having marked its 100th anniversary in October 2015, the Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit professional and trade association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically, and promote the preservation of the public’s right to own, transfer and use real property.
Comprised of approximately 1,800 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,700 real estate transactions every year.
All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
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