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| Each week, the Silicon Valley Association of Realtors (SILVAR) shares local housing data, sales trends, expert insights and other real estate-related topics. This week, the association shares the results of a national survey on homebuyers and sellers. |
More single women are buying homes than ever before.
According to a recent survey from the National Association of Realtors, the percentage of single women buying homes has nearly doubled nationwide over the past four decades, despite the fact that women still typically earn less than men do.
Women now represent 20% of all buyers, up from 11% in 1981 when the association first started collecting the data. Among first-time homebuyers, that number is even higher: Women represent nearly a quarter (1 out of 4) of first-time homebuyers.
The association’s latest “Profile of Home Buyers and Sellers” survey found that married couples account for the biggest share of homebuyers at 62%. Conversely, the share of single males decreased to 8% and unmarried couples dropped to 6%.
“(Women) are surpassing all odds in the housing market by purchasing homes while having lower household incomes in an increasingly unaffordable housing market,” said Jessica Lautz, deputy chief economist and vice president of the National Association of Realtors.
Lautz noted that prior to the passage of the Fair Housing Act and the Equal Credit Opportunity Act, an unmarried woman needed a male relative as a co-signer to obtain a loan. Under federal law, women had no legal recourse against lending discrimination. It was not until 1974 that women were legally protected and able to obtain a mortgage without a co-signer, she said.
She attributed the rise in homeownership among single females over the past several decades to more women opting not to marry. She also found that single women have children living with them more often than men do.
“Single women are more likely to have children under the age of 18 in the home and (are) slightly more likely to purchase a multi-generational home,” she told National Mortgage Professional. “Women may value the stability of homeownership in both scenarios.”
Income disparities persist
‘In Palo Alto, women earn 59 cents for every dollar men earn’
Despite law changes making it easier for women to buy a home, financial barriers still exist. According to the report, women typically earn less than their male counterparts. The typical single woman earns $71,300 compared to $87,500 for single men. This gap widens for repeat homebuyers at $75,000 vs. $91,000.
Nationally, the gender pay gap has slightly narrowed, with women earning an average of 85% of what men earned in 2024. However, significant disparities persist, particularly in high-cost areas like Santa Clara County. In San Jose, women earn only 72 cents for every dollar men earn, and in Palo Alto, the gap is even wider at 59 cents, according to a new report from TruckInfo.net.
Faten Ben Bouheni, professor of finance, fintech, and real estate at Menlo College, said there is a direct correlation between women having more pathways to economic mobility and higher homeownership rates.
“Homeownership is a vital aspect of independence and security for all individuals, especially for single women,” she said. “It is important to recognize that women have the ability to adapt and prosper amid substantial economic, political and financial changes. This perspective empowers home ownership to become a priority rather than merely an option.”
Other survey findings
‘First-time buyers drop to all-time low’
The association’s annual survey of home buyers and sellers, which tracked transactions nationwide between July 2023 and June 2024, provided the following additional insight into homebuying and selling behavior.
- First-time buyers decreased to 24% of the market share, compared to 32% last year. This year now marks the lowest share since the National Association of Realtors began collecting data in 1981.
- The median first-time buyer age increased to 38 years, from 35 last year. The typical repeat buyer age also increased to 61 years, from 58 last year.
- 73% of recent buyers did not have a child under the age of 18 in their home. This is the highest share recorded.
- 17% of home buyers purchased a multigenerational home, for cost savings (36%), to take care of aging parents (25%), because of children or relatives over the age of 18 moving back home (21%), and because of children over the age of 18 who never left home (20%).
- A record high 26% of buyers paid cash for their homes.
- The median down payment was 18% among all home buyers and 9% for first-time buyers.
Silicon Valley Association of Realtors (SILVAR) is a professional trade organization representing 5,000 Realtors and affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term Realtor is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of Realtors and who subscribes to its strict Code of Ethics.
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