There is a rising trend in residential real estate – in the single family homes sector. Builders of new homes are tailoring their design and subdivisions in order to gain single women homebuyers.
Nationwide last year, single women made up 18% of homebuyers, while single men only accounted for 7% of all home sales, according to the National Association of Realtors. This category of single women included those: never married, widowed, and divorced. Spending for single women also is more than it is for single men, on average. Single women are now the second highest group of purchasers, behind married couples of all homes.
This trend is expected to increase over time. The evolution of real estate ownership, as well as the evolution of business leadership, will both increase for women in years to come.
The U.S. homeownership rate may have finally bottomed out, as the share of Americans who own homes is steadily climbing. The ownership rate posted an increase in the second quarter, reversing a sharp downward trend that begun in the Great Recession.
The homeownership rate was 63.7 percent in the second quarter, the U.S. Census Bureau reported. That marks nearly a full percentage point increase from a year ago. Last year, the homeownership rate had plunged to a 50-year low of 62.9 percent.
“The addition of 1.2 million households being homeowners is clearly good news, as more households are participating in housing equity gains,” says Lawrence Yun, chief economist for the National Association of REALTORS®. “But let’s keep it in perspective: There are fewer homeowners today compared to a decade ago, while renter households have risen by 8 million.
So it is still the case that the massive $7 trillion in housing wealth gains from the cyclical low point has been accumulated by a fewer number of families in America. Further advances in homeownership are required to strengthen and broaden the middle class.”
Let’s consider some of the financial realities about owning a home.
In an opinion piece in the Fresno Bee newspaper, the writer made the case for why Congress should keep a tax incentive to encourage Americans to be homeowners. Regardless of your opinion on the matter, the author’s points on the financial positives of homeownership were beneficial and worth a read.
“Owning a home is one of the best ways to build long-term wealth, providing both equity accumulation and tax benefits over time. In 2013, the median net worth of homeowner families was $195,400, while the median net worth of renters was $5,400, according to the Federal Reserve.”
“Homeownership strengthens communities, encourages higher civic participation, boosts children’s educational performance, lowers crime rates, and improves health-care outcomes. Moreover, homeowners bring more stability to neighborhoods because they tend to move less often.”
“Homeownership helps provide predictability. Individuals can enjoy steady and consistent housing costs thanks to the tax incentive that allows them to own a home. That’s because a fixed-rate mortgage payment might not change for 15 to 39 years, while rents typically increase 2 to 3 percent a year.”