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According to statistics released by the national property broker, Redfin, single women have purchased almost 9% more property than single men during the last quarter of 2020. This is despite the fact that the COVID19-driven recession had far more of a negative impact on women than men.
Accumulated data revealed that single women comprised almost 16% of total home purchases around the country during the last three months of 2020, compared with just over 15% for the previous year. The share has remained stable at between 14.8% and just over 16% since 2012.
Even before COVID19, women were earning just 82 cents for every dollar being earned by men and the resulting depression affected women-dominated industries such as retail, restaurants and healthcare the most.
Redfin’s chief economist, Daryl Fairweather, stated, “This is another illustration of America’s uneven financial recovery. While millions of women have lost their jobs during this recession, the impact has largely been on lower-income women. Meanwhile, most women who were able to afford homes before the pandemic are likely still able to afford homes, and low mortgage rates – especially at the end of 2020 – have been incentivizing them to buy.”
Single men comprised just over 18% of home purchases during the last three months of 2020, and the share of home purchases by this demographic hasn’t changed much over the past few years either – varying between 17.8% to just over 20%.
Couples purchasing homes together made up just under 50% of purchases during the same timeframe, which was a slight increase from 49.6% the previous year. The rest of home purchases either fell into the category of ‘other’ or were made by institutions.
Women usually purchase cheaper homes than men, with the typical home being purchased by single women sold for just under $295,000, compared to approximately $310,000 for men. Average monthly mortgage payments being made by women was $1,052, compared to $1,125 for single men and around $1,535 for couples.
Boston saw the most home sales being processed for single women out of any other US metro last year as well. Just under 50% of Boston-based women have college degrees or higher education, which is the fourth-highest share out of any major metro in the country. Other metros that saw more home purchases being made by single women than single men included Providence, Detroit, Atlanta, Cleveland and Philadelphia.
Obtaining the necessary finances to purchase a home can sometimes be challenging, especially if applicants have not done so before. CCM Finance is a money-lending company that specializes in helping individuals to obtain the funds they need to make the dream of home ownership come true.
Anyone who is interested in finding out how to go about obtaining finances to purchase a home for residential or investment purposes can do so here: https://ccm-finance.com/
About the Company:
CCM Finance is a team of hard moneylenders and real estate investors that have extensive experience when it comes to meet the funding requirements of real estate investors. The company is situated at 7801 E. Bush Lake Road, Suite 430, MN and can be contacted by calling (612)-254-0025 or by completing the online contact form. For more information please visit https://ccm-finance.com.
