According to MGIC Connect, a popular mortgage industry blog, single women now follow married couples as the second largest group of homebuyers in the country. Up two percent from the end of 2015, single women constitute 18 percent of this year’s homebuyers, followed by unmarried couples at 15 percent, single men at 11 percent, and other at two percent.

Unlike the latter groups of homebuyers, the purchasing power of single women is expected to continue growing throughout the year. Roughly 45 percent of Millennial women, ranging from ages 18 to 24, are enrolled in college, compared to 38 percent of men in that same category. In addition, nearly 38 percent of Millennial women ages 25 to 32 have a bachelor’s degree, in contrast to 31% of men in that category.

With more years spent on education and careers, the median age of single women homebuyers has risen to 32 years old, according to the National Association of Realtors. The median income for these first-time homebuyers is $49,000. 

As the number of women graduating college with higher income levels continues to grow, we can expect to see more single women entering the housing market this year. Contact us today to learn more about the housing market, mortgage loan process, or anything related to the home-buying process in general.