One of the more interesting statistics to come out over the last couple of years is the rise in homeownership among single women. Data from June 2016 shows that 18% of single women were purchasing homes compared to about 11% of single men. There are a lot of reasons for this: The closing wage gap between men and women and larger numbers of highly educated women entering the workforce, to name a couple.
Regardless of the driving force behind this trend, the single women homebuyer group represents the second largest group of buyers after married couples. As a builder, you’ll need to know what these women want in a home if you want to be competitive among this demographic.
Men and Women Enjoy Different Relaxation Spaces
Traditionally, the spot to relax is the living room or den, camped out on a sofa in front of an entertainment center. And it’s true that this is what men prefer. However, women are more likely to take comfort in the bedroom. Members of the single women homeowner group are much more likely to enjoy a spacious master bedroom with plenty of room for an armchair to curl up with a good book or a laptop. This goes double for master suites that include a gorgeous bathroom or roomy closets to keep clutter out of sight.
Single Women Homebuyers Prefer Bright Spaces
When it comes to color preferences, men and women fall on opposite ends of the spectrum. Women tend to prefer bright, airy spaces with light walls and plenty of windows. Overall, many women are looking for a space that is both fresh, but also warm and comforting. Men, on the other hand, tend to prefer darker décor. For many men, it’s all about adding a sense of luxury with black or brown leather, rich mahogany tones and coordinating walls.
Make the Neighborhood a Priority
As you are looking for property to develop, bear in mind that the single women homeowner demographic tends to prefer a certain kind of neighborhood. In general, social neighborhoods are ideal — places where homeowners are similar in age and interact with each other often. These women are also looking for neighborhoods that are safe and quiet in both urban and suburban areas, whereas men are more willing to sacrifice social interaction and peaceful neighborhoods in order to be near to work or a bustling area with lots of amenities or a great nightlife.
Two or More Bedrooms is a Plus
The majority of single woman homebuyers are looking for a “forever home.” That is, a home that they’ll love for years to come. Instead of buying a home as an investment to be flipped later on, these women are thinking more in terms of purchasing the home that they will raise a family in. Most homebuyers in this group are looking for homes with at least two bedrooms, and larger homes are generally more popular than smaller.
Amenities are Important
Whether a homebuyer is looking for a home for her future family or a place where her and her live-in partner can live, female homebuyers are looking for homes that feature a few well-designed amenities. Kitchens should be spacious, easy to use and most importantly, easy to clean and organize. Laundry rooms are also a huge plus, as are mud rooms. Both of these spaces are essential to the woman who is juggling a career, family and all of the associated chores.
Women aren’t waiting to get married before they settle down anymore. That’s why the number of single women homeowners has risen year after year for the past several years. The things that we have listed here will help you learn what this particular group of homeowners wants in a new home.