Single women are becoming a major force in the Destin real estate market. In 2010, single women accounted for 20% of all home purchases nationwide, nearly twice as many as single men who purchased 12% of the homes sold last year. Real estate’s fastest-growing demographic, single women are expected to increase their prominence in the Gulf Coast real estate market in step with their increasing financial power. Changing demographic, social and financial trends in American society are at the heart of the power shift:
- Women have been steadily closing the salary gap. Nationwide, salaries for women have risen to 94% of male salaries; and in most major metropolitan markets, women are now out-earning their male colleagues.
- Women are better educated than previous generations and an increasing number of women are pursuing advanced degrees. Female college graduates now outnumber their male counterparts.
- Immersed in their careers and with less societal pressure to marry, American women are waiting longer to tie the knot and even longer to start a family, the two life events that traditionally send people house-hunting. The number of women who are choosing not to marry is also increasing.
- Single women are more comfortable financially and more confident managing their finances. They view home ownership as a wise investment with excellent growth potential. Low home prices and low interest rates have convinced financially savvy women that now is a smart time to buy a Destin, FL home.
- Women see no reason to wait for Mr. Right to start enjoying the advantages of home ownership.
- The recession resulted in the loss of three times as many traditionally male as female jobs. As the economy has rebounded, more new jobs are being created in fields traditionally dominated by women. Economic pressures have exacerbated role reversal with more women replacing men as their family’s primary breadwinner and often sole provider.
Next time: What women want in a home
