How are women impacting the housing market?

A recent DSnews report highlights the increasing impact that single women are having on the housing market. According to Redfin, single women purchased 9% more homes in the fourth quarter than a year ago. Single men showed a 4.5% increase during the same time period. This data is shocking due to the fact that researchers found that the COVID-19 pandemic was hitting working women harder than their male counterparts. Daryl Fairweather, Redfin Chief Economist, 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”.

WHAT ELSE DID RESEARCHERS FIND?

The report also revealed that women tended to purchase less expensive homes than men in the fourth quarter. Research shows that the typical home purchased by single women sold for $294,000, while single men averaged $310,000. On average, couples paid roughly $430,000. The median monthly mortgage payment was $1,052 for single women. The median monthly mortgage payment was $1,125 for single men and $1,535 for couples. Redfin also highlighted that out of all the U.S. cities, Boston has seen the largest increase of women purchasing homes.

Click here to read the full DSnews report and learn more!

Click here to read the full Redfin report and learn more!