How Big Is the Gender Divide in Housing? - One in five consumers buying a home today may be a single woman. This cohort is that the second largest group of home buyers within the country, trailing only married couples. What’s more, women now control nearly 60% of all personal wealth within the U.S., consistent with the National Association of girls Business Owners and therefore the Small Business Administration. Understanding this mighty buying force and their housing preferences will help land professionals better serve their clientele.
Meyers Research in Costa Mesa, Calif., conducted a survey analyzing the buying preferences of 33,000 home shoppers, including both men and ladies with a spread of locations and price points. They found that the influence of the feminine buyer segment goes further than expected. Not only are women involved in buying their own homes, but they also help guide many single men who seek advice during a home search.
Following the acquisition , women often take the reins choose what goes into the house , whether they’re buying solo or with a spouse. the inside is taken into account a mirrored image of her success and who she is, said Mollie Carmichael, principal and lead strategist with Meyers Research, who presented the survey results during a webinar on “What Women Want in Community and Houses” in October.
At the highest of their wish lists, women need a supersized pantry, a bathtub in her bathroom, a first-floor office, and a porch . The survey results also are helpful in understanding how female preferences compare to those of their male peers.
Among the various points Carmichael discussed in her webinar, seven are especially key to assist brokers and agents work with clients to spot their ideal home.
Why they buy. Among women’s top motivations for purchasing a home are family, safety, price, and schools. For men, the divisor is prestige, but they also care about fitness and family, consistent with the survey. Single women are more willing to plan to buying than men because they view a home as a wise investment and how to spend their monthly living expenses wisely, especially since interest rates are low. Women also see homeownership as how to assist lock in their financial security. “They believe within the market now and consider it an honest time to shop for .” Carmichael said. “Waiting would cause a greater sense of insecurity.” Single men, however, are less willing to plan to buying since they’re more transient. They’re more likely to maneuver for employment or relationship, Carmichael said.
1. The importance of location, size, and convenience. Overall, both women and men prefer a suburban location, though men are more willing to think about city or rural living. A male buyer is additionally more willing to drive longer distances to his job. Women are more likely to figure from home, which is why the house office feature is vital to female buyers, Carmichael said. When it involves a home’s size, women prefer smaller—under 2,500 square feet—with more functional design. For men, a much bigger house is preferred because they believe it’s more likely to ensure a “better” lifestyle, Carmichael said.
What matters more: indoors versus outdoors. A female buyer loves the inside of her home—it’s one among the prime motivations for her to shop for , consistent with the survey. She seeks an area to socialize with others and alleviate stress. And if it's an outsized walk-in closet, all the higher . While the feminine buyer cares about outdoor space—and likes the thought of a front porch—it’s a neighborhood she’s willing to compromise on for greater intimacy and affordability, consistent with the survey. A male buyer, however, typically favors the outside for socializing and barbecuing. He also likes the thought of a backyard or rooftop deck, though he’s also trying to find a bigger garage and a media room.
2. Design influences. Countless images on sites like Pinterest and Houzz have opened home shoppers’ eyes to a spread of housing aesthetics. When it involves favorite looks, both women and men lean toward the fashionable touch, consistent with the survey, but his modern is more modern than hers. Men also like Spanish and English Tudor, while women veer more toward casual contemporary and modern farmhouse styles. She’s more willing to think about attached housing and multilevel than he's . the inside design of a home matters greatly to both, and builders have taken note by focusing more attention on interior choices, Carmichael said. no matter gender, white remains the highest color choice—almost twice the maximum amount as other choices. Comfort is additionally an enormous selling feature for both women and men.
3. Making changes. the power to personalize the inside of a home in order that rooms reflect the owner’s taste matters more to women than to men. Female buyers favor having utility space, an upgraded kitchen with cabinet “jewelry” and quartz countertops, a toilet with a bathtub , guest space to accommodate parents or visitors, and a smart-home hub with remote access to everything from the front entrance and security systems to appliances. Male buyers prefer keeping costs down and making upgrades later, but once they do personalize, they need wine storage and granite countertops over quartz, the survey found.
4. The pet factor. consistent with the National Association of REALTORS® 2017 “Animal House: Remodeling Impact” report, 81% of potential buyers said that animal-related considerations will play a task choose their next living situation. But the Meyers Research survey found that ladies , quite men, want to possess pets and treat them like relations by giving them a fanatical space in their home with a pet door, bed, and area to scrub them. Women also more frequently search for homes in communities that have a dog park, Carmichael said.
5. Bells and whistles. Extra touches during a house or amenities during a community are sometimes the tipping point for a purchase . Women care about having a secure place for package deliveries quite men. “This Amazon phenomenon continues to grow,” Carmichael said. Men care more about having the ability to figure out and luxuriate in healthy living while even have an area to disconnect once they get home. In their community, female and male buyers seek a resort-style pool, fitness center (she likes workout classes; he prefers to exercise independently), and Wi-Fi. a close-by sports park may be a preference favored by men, though both men and ladies say they’d sort of a court .
Not all properties include the features cited above, but female buyers understand that they’ll need to make tradeoffs, Carmichael said. Heed the ideas from this survey and you’ll help more clients find the house of their dreams.